It seems a fair bet that the RBA will cut rates next week and that some or all of the banks won’t follow suit with their home loans. This isn’t totally unreasonable given what’s been happening to their cost of funds, but what is unreasonable is the prospect of another “banana smoothie” situation where one of the banks tries vainly to describe what’s happening with interest rates in layman’s terms.
Not exactly Westpac’s finest hour!
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