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Banks discuss cutting interest rates

Posted by: 2UE | 5 January, 2013 - 2:07 PM
ANZ Bank is first of the big banks to cut interest rates in full

Economists are welcoming possible moves by the big four banks to cut interest rates independent of the Reserve Bank.

The major lenders have had boardroom discussions about the move - with Westpac apparently considering slashing its rate by up to six basis points as early as next month.

AMP Chief Economist Shane Oliver says it could prompt much-needed consumer spending.

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