Big banks raise mortgage rates
Three big banks raised their mortgage rates by more than half a point, effective Tuesday, and most industry watchers expect that's just the beginning of future small jumps that will hike the cost of home ownership the rest of this year.
The big banks have defended their position on interest rates, with the Australian Bankers Association claiming that the banks should be allowed to ramp-up pricing on loans, or hold onto further interest rate cuts to bolster profits in the face of a slowing economy.