WESTPAC is preparing to announce a rate hike of 0.30 per cent tomorrow, according to a report on news.com.au
The move will add 0.05 per cent to the Reserve Bank’s cash rate rise and falls far short of the 0.45 per cent increase announced by Commonwealth Bank last week.
Westpac, which announced an 84 per cent increase in net profit to $6.3 billion last Tuesday, denied the leaked information and said no decision has been reached.
“I would hope to have a decision early next week but we are still considering our response” a spokesman said.
Westpac, which hiked rates by 0.45 per cent last December, has repeatedly said it is facing increased pressure on its margins because of the rising cost of funds on deposit and on the international wholesale markets.