Australian banks reduce interest rates

Vancouver News.Net
Thursday 28th August, 2008

Australia's big four banks have dropped their fixed interest rates as the pressure on funding costs ease.

It is the second time in less than a month that the Commonwealth Bank, National Australia Bank, ANZ and Westpac have lowered their fixed rates.

While there was an inflation scare in June when petrol and oil prices were rising steadily, the rates banks pay to fund their loans have eased, with some of the market's inflationary fears subsiding.

Longer-term interest rates have been subsiding at the same time.

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