Watchdog’s growl could keep banks from following Westpac

Original article by Richard Gluyas
The Australian – Page: 21 : 31-Aug-18

Jon Mott of UBS has suggested that the federal government could potentially increase the bank levy in response to Westpac’s move to increase its variable home loan interest rates. Mott adds that the other major banks may not increase their rates immediately as their net interest margins are under less pressure, while they may also be deterred by the Australian Competition & Consumer Commission’s focus on the banking sector.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, MORGAN STANLEY AUSTRALIA LIMITED

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