Westpac joins growing chorus predicting rates cuts as banks tighten deposit standards

Westpac joins growing chorus predicting rates cuts as banks tighten deposit standards

Updated

Almost a quarter of Australian banks are predicting lower bank lending rates in the year ahead.

Finance Minister Mathias Cormann has announced an inquiry into rising deposits and a focus on reducing bank losse바카라s over the next three years.

The inquiry is set to natyasastra.compublish its findings next week.

It will also look at how lending rates are being made and adjust them if warranted.

“Bank lending rates are too low and will need to be increased,” Professor Cormann said on Wednesday.

Finance Minister Mathias Cormann says more time is needed to review bank lending and rate levels, but has committed to examining deposit restrictions in Australia in the next financial year.

Professor Cormann is also expected to reveal changes to the banking code including requiring better deposit protections for banks.

Topics: banking, banking-and-finance, money-and-monetary-policy, australia

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