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Westpac defends rate decision

Staff Reporter 1 minute read

Westpac chief Gail Kelly has defended the bank’s decision not to pass on all of the most recent rate reduction from the Reserve Bank.

Ms Kelly said the Westpac’s 80 basis point rate reduction was wise given the continuingly high cost of funding, AAP reported.

"We have a track record over the course of this whole year of being very thoughtful and considered in regards to our interest rate decisions,” she said yesterday.

"I'm very pleased with the way we've tackled that.”

CBA and NAB were the only two of the majors to pass on 100 per cent of the Reserve Bank’s one per cent reduction last week.

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Westpac’s decision to pass on only 80 basis points leaves it’s standard variable rate 17 basis points higher than NAB and CBA but on par with ANZ.

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Westpac defends rate decision
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