SYDNEY : Australia's top banks may be forced to look beyond their traditional residential mortgages business for growth as the windfall from high interest rates peaks and the risks from runaway inflation and competition rises.ANZ Banking Group Ltd, which reported a 23 per cent jump in cash profit on Frida
SYDNEY : Australia's top banks may be forced to look beyond their traditional residential mortgages business for growth as the windfall from high interest rates peaks and the risks from runaway inflation and competition rises.
"Margins have been declining for 30 years, there's been a few blips along the way, but we think the downward trend is going to resume," he added, referring to mortgages. Inflation still sits at 7.0 per cent, well ahead of Reserve Bank of Australia's 2–3 per cent target range, meaning more interest rate hikes are possible.
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