Swan calls for bank restraint on rate rises

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Treasurer Wayne Swan warned banks again yesterday not to raise rates outside of RBA movements.

The warning comes just ahead of the RBA’s next announcement on rates to be made November 2. The central bank is expected is raise the official cash rate, after months of keeping it level at 4.5%.

According to the Sydney Morning Herald, Swan warned banks not to use the recovery from the GFC to justify rates.

Three of the four major banks are expected to post second-half profits that are level with or exceed pre-GFC earnings.

In a report presented by Bloomberg, seven analysts estimated that ANZ’s net income increased 66% to a record $2.53bn in the six months through Sept. 30 from a year earlier, while NAB returned to profit and Westpac is predicted to post its best-ever second-half result.

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