Borrowers will be in the spotlight this week with Westpac’s results on Monday, and a possible Reserve Bank rate rise on Tuesday.
National Australia Bank says borrowers are robust enough to withstand another official interest rate rise on Melbourne Cup day, providing cover for the Reserve Bank to escalate its fight against inflation.
NAB’s Rachel Slade: “the Reserve Bank has a tough job trying to get inflation under control and avoid a hard landing.”, and NAB’s annual result is due on Thursday. . “We feel like we are past the peak of customers being agitated about rates. What we have seen in our proactive contact is that they have really built some resilience over the last 18 months.
The cash rate has been held at 4.1 per cent over four consecutive meetings but most economists tip it to rise to 4.35 per cent on Tuesday. Last week, the Balances in offset accounts have also risen as borrowers switch back to variable interest rate loans , which has lifted buffers. APRA data released last week showed household deposits have hit a record of almost $1.42 trillion in September, up by $11 billion in a month and $99 billion higher than a year ago.
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