Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

Westpac cuts New Zealand interest rates

Westpac cuts New Zealand interest rates as wholesale rates fall

Nov. 20 – Westpac New Zealand reduced its home loan, business and farm lending rates, in response to a decline in wholesale market rates.

The reduction comes after criticism of banks from the Employers and Manufacturers, who have claimed lenders are “profiteering” by not passing on the full impact of central bank interest rate cuts.

Westpac today lowered its rates by 0.75 basis points, including a reduction in credit card rates. Acting chief executive Bruce McLachlan said Westpac opted not to wait until Dec.4, when central bank governor Alan Bollard is expected to slash the official cash rate by 100 basis points.

“We are pleased to be able to pass on to consumer, business and farming clients the benefits of an easing in wholesale rates,” McLachlan said. “We want to send a strong signal, by doing this, that we are open for doing good and fair business with our customers who are facing a tough economic environment.”

The Dec. 4 rate cut “is already being priced into the wholesale rates,” he said. Three-month bank bills have tumbled from 8.04% to 5.83% since the start of October, according to Reuters data.

(Businesswire)

© Scoop Media

 
 
 
Top Scoops Headlines

 


Dunne Speaks: Robertson's Budget Gamble On Treasury
The popular test of the success or failure of Grant Robertson’s fifth Budget will be its impact on the soaring cost of living. In today’s climate little else matters. Because governments come and governments go – about every six to seven years on average since 1945 – getting too focused on their long-term fiscal aspirations is often pointless... More>>

Keith Rankin: Liberal Democracy In The New Neonationalist Era: The Three 'O's
The proposed ‘New Zealand Income Insurance Scheme’ (‘the scheme’) has attracted strong debate among the more left-wing and liberal groupings, within New Zealand-Aotearoa. This debate should be seen as a positive rather than negative tension because of the opportunity to consider and learn from the implications and sharpen advocacy... More>>

Dunne Speaks: Words Matter, Prime Minister
Words matter, especially when uttered by politicians. History is littered with examples of careless or injudicious words uttered by politicians coming back to haunt them, often at the most awkward of times. During the 1987 election campaign, when electoral reform was a hot issue, Prime Minister David Lange promised to have a referendum on the electoral system... More>>


Digitl: Infrastructure Commission wants digital strategy
Earlier this month Te Waihanga, New Zealand’s infrastructure commission, tabled its first Infrastructure Strategy: Rautaki Hanganga o Aotearoa. Te Waihanga describes its document as a road map for a thriving New Zealand... More>>


Binoy Kampmark: Leaking For Roe V Wade
The US Supreme Court Chief Justice was furious. For the first time in history, the raw judicial process of one of the most powerful, and opaque arms of government, had been exposed via media – at least in preliminary form. It resembled, in no negligible way, the publication by WikiLeaks of various drafts of the Trans-Pacific Partnership... More>>




The Conversation: Cheaper food comes with other costs – why cutting GST isn't the answer

As New Zealand considers the removal of the goods and services tax (GST) from food to reduce costs for low income households, advocates need to consider the impact cheap food has on the environment and whether there are better options to help struggling families... More>>