The National Independent Retailers Association has called for a six month moratorium on bank fees after a RBA report suggested the big banks have raised interest rates well above the increases in the cost of funding.
A report into the relationship between bank funding costs and lending rates has suggested that the major banks may have gouged customers by boosting lending rates higher than the increases in their cost of funding.
The result is that lending rates are now 25 basis points – or one quarter of a percentage point – above the levels seen before the onset of the GFC.
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James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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