Westpac’s change of heart on interest rates

In contrast to its earlier gloomy predictions, Westpac has announced that they expect no further rises in interest rates. The change in opinion comes after the semi-annual testimony of Reserve Bank Governer, Mr Ian Macfarlane, to the House of Representatives. Westpac now believes that a decrease in interest rates is possible later in the year.

‘Westpac backflips on rates forecasts’, Bill McConnell, The Australian Financial Review, 25/05/00, p 4.