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Banks look at independent rate moves

by Staff Reporter7 minute read
The Adviser

Making headlines today, The Australian has reported that Australia’s major banks could be forced to hike their rates independently of the RBA.

Higher funding costs are taking its toll on the big four, with Westpac forced to raise $800 million in five year funding at 35 basis points more than a similar deal seven months prior.

According to the paper, the banks have tentatively agreed to restrict rate rises to the RBA's official moves in the short term, but are expected to move after the election, which could be called as early as this week.

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