Also weighing on Oz, Westpac (WBK) and ANZ (ANZBY.PK) both hike mortgage rates even with the RBA...

|About: Westpac Banking Corporation (WBK)|By:, SA News Editor

Also weighing on Oz, Westpac (WBK) and ANZ (ANZBY.PK) both hike mortgage rates even with the RBA in the midst of an easing cycle. Australian banks are unusually dependent on overseas funding markets, and find their margins being squeezed. "The RBA's cash rate alone in not an accurate reflection of bank funding costs," says ANZ. (previous)