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Wider bank margins will limit rate hikes over 2010 according to AMP chief economist Shane Oliver.
In the latest economic up-date Dr Oliver has forecast that the cash rate will peak at 4.75 per cent in the year ahead.
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December saw most banks move above the cash rate with Westpac pushing its rates by the largest margin with a 20 basis point increase.
Last week ANZ and CBA warned that 2010 will bring further rises in lending rates as a result of the Australian Prudential Regulation Authority’s (APRA) proposed alteration of liquidity rules, now due by June 2011.
