the podcast on
The banks are at it again.
ASB is slashing its rates this morning following a move by Westpac yesterday afternoon.
Many borrowers have been moving to floating or short-term fixed rates, anticipating further OCR cuts.
But latest forecasts show bank economists now expect the Reserve Bank to start hiking the OCR again next year.
Infometrics Principal Economist Brad Olsen told Tim Beveridge the latest changes to advertised rates are driven more by bank competition, than by the Reserve Bank.
He's expecting a lot of competitive pressure between the banks this year as they jockey for market position.
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