BORROWERS are in for more pain this week with the Commonwealth and National Australia banks expected to begin separate reviews of their mortgage and business rates before announcing multibillion-dollar profits.
Westpac and the ANZ defied the Treasurer, Wayne Swan, and lifted variable rates 0.10 and 0.06 percentage points on Friday, despite a decision by the Reserve Bank to hold its cash rate steady.
On Wednesday the Commonwealth Bank will report a first half-year profit expected to be $3.49 billion, up 4.9 per cent.
On Thursday Westpac will announce a first-quarter profit expected to be $1.55 billion and on Friday the ANZ will announce a first-quarter profit expected to be steady at $1.45 billion.
The ANZ has asked to meet finance union representatives today amid fears it is preparing to reveal job cuts.
>> Read more at brisbanetimes.com.au
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