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1.Market Observations, 2.Strategy, 8.Was Sticky

8 June 2019 (AFR) – Banks slash savers’ rates and term deposits

(8 June 2019, AFR, p6, Duncan Hughes, Reporter)

Term deposit rate movements (Canstar, AFR)

Term deposit rate movements (Canstar, AFR)

‘Lenders are slashing term deposits and savings rates by more than double the 25 basis point reduction in cash rates by the Reserve Bank of Australia, with more cuts expected, according to analysts. Some lenders, such as Westpac and ANZ, made term deposit rate cuts on Tuesday during the hours leading up to the announcement of the cut in official rates. NAB made cuts the previous week. CBA has subsequently made cuts.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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