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Are Australian banks in the middle of a price war?

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There is strong evidence that the correlation between the Official Cash Rates of Australia and New Zealand and average deposit rates is weakening. In Australia, while the Official Cash Rate has fallen to historic low of 1.5 percent in 2016, deposit interest rates are rising, and are expected to increase to 2.9 percent in 2016 compared to 2.3 percent in 2015. Similarly in New Zealand, average deposits rates are expected to be broadly similar to 2015, despite a sharp fall in New Zealand’s Official Cash Rate.

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