Rate increases are likely if this increases cost of funds for the big 4, or possibly no cuts passed on if Rba cuts.
Wayne swan will have nothing to say about this IMO, as these banks have been encouraged to loan huge amounts of cash for residential property via idiotic government policy, requiring funds from os to do so. This is part of the bad karma coming back I reckon.
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- further downgrades?
further downgrades?, page-3
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