Banks urged to hold interest rates

08 Feb 2012By Amanda Cavill

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There are reports that the big banks are about to increase interest rates despite the hold on official rates.

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The federal government says the big banks have no reason to increase interest rates to borrowers after the Reserve Bank decided to keep interest rates on hold.

 

Treasurer (mr) Wayne Swan says Australia has a competetive banking system and unhappy customers can change banks.

 

There are reports that the ANZ and other banks are preparing to increase rates despite the Reserve Bank decision.

 

Canberra correspondent Amanda Cavill reports.

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