Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

RBA may keep rates on hold: Norris

Staff Reporter 1 minute read

The decision by three of the majors to move out of step with the Reserve Bank could mean the official cash rate will be kept on hold when the bank meets in February, according to CBA’s chief executive Ralph Norris.

Speaking to Sky News, Mr Norris said Westpac’s decision to raise rates by 20 basis points above the cash rate may prompt the Reserve Bank to keep interest rates on hold.

"I think given the fact that there have been interest rate increases over and above the (official cash rate) then I think it is a possibility that we might not see an increase in February," he said.

"I don't know whether they think that we're actually doing their work for them but I think they would obviously take into account the situation in regard to interest rates and current economic activity."

Following the Reserve Bank’s decision to raise the official cash rate by 25 basis points in December, CBA lifted its standard variable rate on home loans by 37 basis points, ANZ lifted its rate by 35 basis points while NAB matched the Reserve.

RBA may keep rates on hold: Norris
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day



more from the adviser
Greater Bank Newcastle Perm merger

Breaking News

Two banks announce intention to merge

Two large customer-owned banks have announced that they are inten...

Paul Herbert AMP Newsroom

Breaking News

AMP hires intermediary head

AMP Bank has recruited from MyState for its new head of intermedi...

Theo and Alex Shore Financial

Breaking News

Brokerage officially launches white-label loan

North Sydney-based brokerage Shore Financial has officially launc...