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NAB Group Executive Ana Marinkovic acknowledged the additional strain that households would face following February’s interest rate hike amidst rising inflation and fuel costs.
“We understand that another rate increase will present challenges for many Australians, especially given the persistent cost-of-living pressures,” Marinkovic stated.
She noted that while many customers had prepared for this by establishing a financial buffer, she admitted, “that won’t be the case for everyone.”
Westpac’s Chief Executive for Consumer Banking, Carolyn McCann, commented, “With global conflicts affecting inflation and living expenses, we recognize these are uncertain times for many of our customers.”
“We are committed to providing assistance, and we encourage any concerned customers to contact us as soon as possible so we can discuss available support options,” she added.
“We are here to help and if customers are concerned, we urge them to contact us as early as possible so we can talk through the support options available,” she added.
The RBA made the decision for a second straight rate increase in a five to four vote, with Bullock claiming there was “robust discussion” between members.
However, she insisted this was not about making the decision itself, but about whether this was the right time, as she said this was the only decision they could make to cut down on inflation.
“The direction wasn’t the issue,” she said.
“Higher petrol prices will add to inflation, but they’re not the reason for today’s decision… Inflation was already too high.”
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