abc.net.au/news/asx-westpac-interest-rates-banks-a2-milk/101428840Shares in all of the big four banks have risen on open on the ASX, as the last of them announces it is hiking interest rates.Westpac was up 0.5 per cent after announcing it was passing on the Reserve Bank's latest cash rate rise in full.
The bank's interest rate on home loans will go up 0.5 per cent, while it is also boosting the variable rate on its Westpac Life deposit account by the same amount.The cash rate is currently at a nine-year high of 2.35 per cent.The financials sector overall was up 0.8 per cent. Across the exchange, 10 out of 11 sectors were up, with healthcare stocks the only laggard.That was after the company announced that the license for its Chinese business partner Synlait had been extended.
This means it can continue to make the baby formula there until at least February 2023, while it figures out how to comply with new food safety standards.
I don't care, doesn't affect me I fixed my home finance system years ago.
Wonder why that is?