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Why are Rates Rising?
WHY ARE RATES RISING?
Can you remember back to November 2010: Julia Gillard was Prime Minister, Brad and Angelina were still a happy couple and The Donald as Leader of the Free World was still a funny joke on The Simpsons? It was also the last time the Reserve Bank of Australia raised the cash rate, to 4.75%. A lot has happened since then, including plenty of interest rate cuts: the cash rate now stands at 1.5% – a historical low. So why are the big banks, such as Westpac, hiking their rates for homeowners?