Australian banks lift lending rate following interest rate hike

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Following the Reserve Bank of Australia (RBA) raising interest rates for the second month in a row, the country’s retail banks have lifted their lending rates, pushing the increase onto consumers.

Westpac announced that from June 21, home loan variable interest rates would increase by 0.5 percent, in line with the RBA’s increase.

Similarly, Macquarie Bank announced on Wednesday that it would pass the full 0.5 percent onto customers from June 17.

Westpac Consumer and Business Banking Chief Executive Chris de Bruin acknowledged that the hikes would impact customers’ budgets but noted that the majority of customers had an adequate buffer to deal with the rise.— Xinhua

 

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