Fixed mortgage rates continue to nudge higher with Westpac the latest to lift rates. The obvious cause is movements up in wholesale rates but blaming them is too clever by half, ANZ economists say in today's morning briefing.
"With a glaring gap between deposit growth (too slow) and lending growth (too high), the relative price needs to shift more in favour of the former and that’s precisely what is happening. That’s tightening financial conditions somewhat but entirely appropriate; the economy can’t sustain circa 4% growth for too long."
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