National Australia Bank Limited's (ASX:NAB) CEO Cameron Clyne says the Reserve Bank of Australia (RBA) is likely to cut interest rates by another 50 basis points over the following year, despite last week’s surprisingly upbeat employment data.
Speaking to ABC TV Mr Clyne also affirmed the bank’s commitment to maintaining the lowest standard variable mortgage rate among its rivals.
The comments come after Australia’s central bank cut the cash rate by 50 basis points to 3.75 per cent earlier this month.
As a result NAB cut its standard variable home loan rate by 32 basis points, with its home loan rate now standing at 6.99 per cent.
National Australia Bank last week reported a15.5 per cent fall in its first half net profit, coming in at $2.05 billion.
