Westpac Banking Corporation (ASX:WBC) could be the first Australian bank to move interest rates independently of the Reserve Bank. That’s according to a report by The Australian.
The reason – heavy exposure to the domestic residential market, says the paper.
A spokesperson for the bank says that Westpac won’t comment or speculate on interest rate movements ahead of any Reserve Bank decision.
The RBA is expected to cut the official cash rate from 4.25 per cent to 4 per cent next month.
Westpac reported a net profit of $7.1 billion in the 2011 financial year.
