Major banks incur wrath of Swan
December 6, 2009
Treasurer Wayne Swan has criticised some of the nation’s biggest banks in the wake of rate hikes above the official movement from the Reserve Bank of Australia. Westpac started the trend with a move (0.45%) almost double the official 0.25% increase from... Read more »
Westpac surprises with hike above official RBA move
December 1, 2009
Westpac has been the first major bank to respond to the RBA hike, with an increase almost double that of the Reserve Bank’s. Their variable mortgage rate will rise by 0.45 per cent, comfortably above the 0.25 per cent increase from the RBA. Rumours have been... Read more »
RBA hikes for third month in a row
December 1, 2009
The Reserve Bank of Australia has again met expectations, increasing the cash rate by 0.25 per cent at its December Board meeting today. The hike, which takes the cash rate to 3.75 per cent, follows similar rises in October and November as the central bank looks... Read more »
RBA sees mortgage competition constraining margins of big banks
November 24, 2009
Reserve Bank of Australia Assistant Governor Guy Debelle is confident that competitive tension in the mortgage sector will be enough to ensure the margins of the major players do not expand significantly, with “signs of life” in the securitisation market... Read more »
Changes made to detail in new consumer credit laws
November 24, 2009
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, has released the latest draft Regulations and explanatory material for the National Consumer Credit Protection Package for further public consultation. The measures, first announced... Read more »
RBA minutes show plan for “gradual” rate moves as central bank balances risks
November 17, 2009
The Reserve Bank of Australia has reiterated their plan for “gradual” increases to the cash rate in the year ahead but maintained that the pace of rate rises was still an “open question”. The RBA’s latest Board Meeting minutes show... Read more »
Record growth in mortgage inquiries
November 13, 2009
Personal credit demand (credit card and personal loan enquires) fell by 14% in the July to September quarter of 2009 compared with the same quarter in 2008 but mortgage inquiries were the subject of record growth, according to the latest research from information... Read more »
RBA ramps up growth forecasts, rates to trend upwards
November 10, 2009
The Reserve Bank’s latest quarterly Statement on Monetary Policy has given further insight into the central bank’s increasingly optimistic view of the Australian economy, confirming further rate rises are on the way next year. The RBA has been careful... Read more »
RBA hikes but remains cautious in their rate outlook
November 3, 2009
The Reserve Bank of Australia has met expectations with a 0.25 per cent rise to the cash rate announced at their meeting on Melbourne Cup Day. The move follows a hike last month as the central bank moves toward a more “normal” setting of monetary policy*. Amid... Read more »
Demand for loans edges lower in September
October 30, 2009
Total credit provided to the private sector by financial intermediaries fell by 0.2 per cent over September 2009, following an increase of 0.2 per cent over August in a sign that demand for loans may not be as strong as expected. Over the year to September, total... Read more »