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There are calls from the finance industry for the government to pull its wholesale funding guarantee amid concerns it is pushing up borrowing costs.
The guarantee, which was intended to improve banks’ access to capital markets, has in fact driven up the cost of borrowing because of the costs incurred by banks for its usage, The Australian Financial Review reported today.
Under the scheme AA banks are charged 0.7 per cent while lower rated banks are charged up to 1.5 per cent.
ANZ, Westpac and CBA all used the guarantee to raise funds this week; Westpac’s Gail Kelly said it was the most expensive bond issue it had made since the onset of the financial crisis.
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