Westpac joins growing chorus predicting rates cuts as banks tighten deposit standards
Almost a qua바카라rter 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 losses over the next three years.
The inquiry is set to publish 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.
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