More chatter today about supposed bank competition and interest rates. The Australian reports that:
Commonwealth Bank and Westpac have reportedly cut their five-year term rates by 20 basis points each, to 4 per cent and 4.15 per cent respectively, while National Australia Bank and ANZ Bank have shed 0.15 per cent and 0.18 per cent, respectively. It leaves NAB’s current rate at 4.05 per cent and ANZ’s at 4.04 per cent.
Yep. Bank treasurers have clearly concluded that the risks to Australia’s long term interest rate structure are all down, despite current talk of rate rises. Here are the newly released RBA indicative deposit rates, which are collated on the last day of every month: