The National Australia bank is expected to begin a review of its mortgage and business rates.
The National Australia bank is expected to begin a review of its mortgage and business rates. Kieran Salsone

Banks to inflict more rate pain

BORROWERS are in for more pain this week with the Commonwealth and National Australia banks expected to begin separate reviews of their mortgage and business rates before announcing multibillion-dollar profits.

Westpac and the ANZ defied the Treasurer, Wayne Swan, and lifted variable rates 0.10 and 0.06 percentage points on Friday, despite a decision by the Reserve Bank to hold its cash rate steady.

On Wednesday the Commonwealth Bank will report a first half-year profit expected to be $3.49 billion, up 4.9 per cent.

On Thursday Westpac will announce a first-quarter profit expected to be $1.55 billion and on Friday the ANZ will announce a first-quarter profit expected to be steady at $1.45 billion.

The ANZ has asked to meet finance union representatives today amid fears it is preparing to reveal job cuts.

>> Read more at brisbanetimes.com.au


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