Radio NZ reporting that Aussie banks are dropping their mortgage interest rates for a second time in a week to try and match Kiwibank. Can’t get link yet.
Doesn’t bode well for economic expectations but makes nonsense of Ralph Norris’ (NAB/BNZ) claim earlier this week that Kiwibank rates were too low.
About time Key gave Kiwibank the small capital boost it needs to move business lending rates down in a similar way.
I’m sick of the one way funnelling of cash west over the ditch.