Westpac senior executive Chris de Bruin says the vast majority of mortgage customers can manage a series of interest rate rises, though the bank is watching closely for weaker discretionary spending.
Westpac’s chief executive of consumer and business banking, Chris de Bruin, says the vast majority of mortgage customers can manage a series of interest rate rises, though the bank is watching closely for weaker discretionary spending.
Money markets are betting the RBA will this week lift the cash rate by 0.25 or 0.4 percentage points, and have priced in a series of rate rises that would take official rates above 2 per cent by the end of this year. De Bruin said there would inevitably be hardship for some borrowers “at the margin”. But he said household spending was strong across most of the economy, businesses were generally confident, and argued both consumers and businesses could handle higher rates.“I think the important thing to recognise is that we’ve been through a long period of ultra-low interest rates, so this is a natural reversion to some degree,” he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Money was never going to be free forever’: Borrowers can withstand higher rates, says WestpacWestpac senior executive Chris de Bruin says the vast majority of mortgage customers can manage a series of interest rate rises, though the bank is watching closely for weaker discretionary spending.
Read more »
Sydney rich-listers flogging designer wardrobes online for pocket moneyHillsong heiress Laura Toggs and Laser Clinics Australia co-founder Kate Champion aren’t the only society figures reselling clothes online, but buyer beware: you’re going to need a fat wallet.
Read more »
‘I see this money as not mine’: the people giving away fortunes from slavery and fossil fuelsWhat would you do if your inherited wealth was built on slavery, fossil fuels or came at the price of neglect? Meet the guilty rich who want nothing to do with their money
Read more »
‘I see this money as not mine’: the people giving away fortunes from slavery and fossil fuelsWhat would you do if your inherited wealth was built on slavery, fossil fuels or came at the price of neglect? Meet the guilty rich who want nothing to do with their money
Read more »
‘Money was never going to be free forever’: Borrowers can withstand higher rates, says WestpacWestpac senior executive Chris de Bruin says the vast majority of mortgage customers can manage a series of interest rate rises, though the bank is watching closely for weaker discretionary spending.
Read more »
Banks unlikely to sting mortgage holders with higher rates than RBABank profit margins are already benefiting from rising interest rates, while returns on most retail term deposits languish well below those offered to bigger investors.
Read more »