No rate moves for more than a year: NAB

Rates should remain on hold for more than a year, NAB has predicted. Following lower-than-expected inflation figures, the bank has revised its interest rate forecast. Originally calling for a Reserve Bank hike in May, NAB has now predicted any rise would be pushed back until November 2012.

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Westpac profits up while NAB’s fall

National Australia bank’s first half net profit plummeted more than 21% to just over $2bn, while Westpac recorded a 32% rise in first half profits to a record of almost $3bn, guess Gail Kelly will get her bonus.

NAB makes interest rate commitment

By BN | 06 Apr 2010

 

NAB has taken the intiative and provided an interest rate guarantee to its customers. The bank has vowed not to raise its standard variable rate beyond any RBA increase today.

“This is integral to our long-term business strategy, which is unashamedly competitive and commercial,” said NAB executive Lisa Gray.

Unlike NAB, the other three majors had refused to rule out any additional rate hikes.

“NAB’s approach will certainly look appealing to customers of any other bank that tries to take families for a ride,” said federal treasurer Wayne Swan.

While economists are split on whether the RBA will move today, Swan appeared to be softening mortgage holders up for a blow: “I think most families understand rates are currently at 1970s levels and can’t stay there forever,” he said.