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Following Westpac and NAB, St George yesterday increased its variable interest rates by 0.10 per cent to 9.47 per cent, independent of any RBA rate change.
George Beatty, St George’s acting group executive of retail banking, said the bank had sustained increased funding costs for nine months and would continue to do so along with its customers.
However, “similar to shop owners who increase prices to reflect the cost of their goods,” he said the bank also needed to reprice its loans to reflect the increased cost of funding.
Published: 01-04-08
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