Banks consider extra rise next month
All the major Australian banks are considering another interest rate rise on top of the expected 0.25 per cent that the Reserve Bank of Australia is expected to lift the official cash rate by.
The Reserve Bank of Australia board will convey next month with the majority of economists predicting another 0.25 per cent rise in official interest rates.
Three of the major banks including the Commonwealth bank of Australia, the ANZ and St George have already indicated over the past fortnight that they are facing continued pressure to lift rates due to the costs they are having to incur with the world wide credit crunch.
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