Banks Look For Election Date For Rate Rises
SMH Business Day has reported that the 4 major banks are looking for an early election date to be set. This will allow them to promptly set in the required independent rate rises needed in light of new inflation figures and the claimed higher cost of funds.
After the election has passed, it will allow the Banks to enact their own rises without any backlash of the Government in their sensitive polling period. In any case, the new Prime Minister’s rise to office and the projected dates of the election have worked favourably into the banks strategies.
Simon Reibelt from Oasis Home Loans Northern Beaches said that the there will be a small waiting or pending period in which Interest Rates will be set at, inline with any promised policies from the new Government, though the rates will slowly creep up over time thereafter.
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