will be temporary and is likely to be followed by two additional cash rate increases in the coming months as the central bank continues to battle inflation and a resilient economy, said National Australia Bank CEO Ross McEwan.
While the collapse in some residential builders highlights strains on the economy from rising costs, the resources and agricultural sector remain buoyant and further rate rises will be necessary to take more heat out of the economy, he said. “You are starting to see the early signs it is slowing down, and the changes are biting in to the consumer and what they are spending money on. They are starting to be more cautious, and it does hurt. It is not just interest rates, it is rental, grocery bills, power accounts, fuel in the car – but we need to get rid of inflation.
The latest data from the Australian Prudential Regulation Authority for February shows NAB grew home loans at 0.7 times system growth, faster than Westpac at half the average of the system, but below CBA and ANZ, which grew at 1.4 times the average over the month. Macquarie grew even more sharply. Mr McEwan said NAB is targeting growth of 0.8 times the system average until profitability returns.
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