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Political situation in Australia

Australia's big four banks cut mortgage rates

Political situation in Australia, satisfied 24%

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SYDNEY - Australia's big four banks, which control about 90 percent of the country's $1 trillion mortgage market, cut variable mortgage rates by 25 basis points on Thursday, after political pressure to pass on the central bank's rate cut of earlier this week.

 

The National Australia Bank, Australia and New Zealand Banking Group and Westpac Banking Corp voiced concerns over rising cost of funds and shrinking margins, and ANZ left the door open for independent moves in the future.

 

The Commonwealth Bank of Australia (CBA) also cut its variable mortgage rate by 25 basis oints, but made no comment about funding costs.

 

By Narayanan Somasundaram

 

Read more: REUTERS (Dec 8, 2011)


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