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Chief executive of the NAB John Stewart has downplayed the prospects for any further bank rate rises outside of those of the RBA.
Speaking with The Australian, Mr Stewart said the banks’ controversial rate rises, independent of the RBA, had probably run their course. While he said he “wouldn’t rule it out” he said such practices were “probably unlikely”.
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“It’s very political, it affects people’s living standards, and you have to balance the interests of our shareholders. You’ll always get tinkering but I think [the current position] is adequate,” Mr Stewart said.
Despite a forecast for the end of such profit-restoring actions, Mr Stewart still described the prospect of a further credit squeeze as a concern for the sector.
“At the moment, we’re at a point where you can get credit but you have to pay more for it. But we could get to a point where there’s a shortage even if you pay more; we’re not there yet but it concerns me,” Mr Stewart said.
Published: 25-02-08
