NAB signals possible rate cuts
National Australia Bank chief Cameron Clyne says it's “not unreasonable” for homeowners to expect rate cuts independent of the Reserve Bank.
Mr Clyne reiterated recent comments by his big four rivals that marginal costs were coming down. But he stopped short of indicating any out-of-cycle cuts are imminent.
“The marginal cost is not how you fund your business; you fund it off your average costs and the average cost is still continuing to rise,” he said.
“Having signalled quite correctly that in fact our funding costs are driven by other factors, it's quite reasonable for people to assume at a point there will be moves independent of the RBA the other way,” Mr Clyne said.
Source: The Australian