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Major banks pass on rate rise

Posted by Tamara McDowell on May 5, 2010

All four of the nation’s biggest banks passed along the rate rise yesterday following the Reserve Bank’s decision to push rates up by 25 basis points.

It’s the RBA’s sixth increase in eight months, bringing the official cash rate to 4.5%.

Treasurer Wayne Swan said it was “unfortunately one of the difficult consequences of an economy recovering better than other advanced economies”.

CBA was the first the react to the RBA’s decision announcing its own change to interest rates within minutes of the announcement. But ANZ, NAB and Westpac were not far behind. The banks also passed on the full rate rise to their high-interest deposits accounts.

The changes will bring Westpac’s variable loan to 7.51%, while ANZ and CBA’s variable home loan sits at 7.41% and 7.36% respectively. NAB’s variable rate product is the lowest at 7.24%.

Repayments will increase by another $48 per month on an average $300,000 mortgage.

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May Rate Rise not Warranted : CBA

Posted by Tamara McDowell on April 21, 2010

CBA released a new report today showing consumer spending in March was the strongest it has been in eight months.

The Commonwealth Bank Business Sales Indicator (BSI) rose 0.7% for the month. However, the bank warned that this was no excuse to raise official interest rates further, despite indications from the RBA that rates may go up again in May.

“While the latest figures appear solid, it’s important that the Reserve Bank doesn’t overreact,” CBA executive general manager of local business banking Symon Brewis-Weston said. “Interest rates have lifted sharply since late last year, and the effects are being felt, with housing loans down five months in a row.”

The BSI recorded an increase in sales in all states and territories. The ACT topped the list with 1.2% growth, followed by Western Australia on 1.1%. Sales growth in NSW and Tasmania was a more sluggish 0.6%.

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