Westpac record
The Westpac Banking Corporation set a new Australian record when it lifted its prime interest rate from 19.25 per cent to 19.75 per cent. The increase which applies to business loans of $lOO,OOO or more, reflects the continuing high cost of funds on the money market because of the Australian Federal Government’s tight monetary policy. The increase comes after a round of rises two weeks ago when most banks increased their prime lending rates to between 19.25 and 19.50 per cent.
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Bibliographic details
Press, 5 December 1985, Page 63
Word Count
83Westpac record Press, 5 December 1985, Page 63
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