Westpac defends out-of-cycle rate rise amid concern others may follow

Westpac has defended its decision to raise interest rates, out of cycle with the Reserve Bank of Australia. The move has sparked fears the rest of the big four banks could do the same. And some Westpac customers are reconsidering their options

The increase means Westpac’s standard variable rate, now at 5.38 per cent, is the highest of the big four banks. (Westpac, Commonwealth, NAB, ANZ) Source: AAP