Interesting that it did so towards the late stages of the tech bubble. But the US rate was directionally undecided whereas at the moment it is monotonic.
I don't have a good understanding of what mechanisms determine the local consumer lending rate. Is the CBA able to take up all the local demand for mortgage lending, or do the banks rely on international funds a lot.
I don't have a mortgage so it's only an academic interest for me.
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Interesting that it did so towards the late stages of the tech...
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