The bigguns hold back 5bps because:
CBA
“One significant factor impacting this balancing of needs has been the increase in the cost of deposits noted in the Reserve Bank of Australia’s most recent Financial Stability Review,” said CBA, which is Australia’s biggest home loan lender.
NAB
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“Around the world, banking regulators require banks to hold more stable forms of funding, like deposits, to reduce risk in the banking sector.
“The increased competition for deposits is pushing up costs, making it more expensive to fund our lending.”
