Australian Banks Make Good.
Although they do not like to show it in their accounts, huge increases in transaction fees and charges helped bring home a lot of bacon. The National Australia Bank lifted its variable home loan rate by 0.25 percentage points to 7.80 per cent, effective from May 8, and St George Bank lifted its standard variable home loan rate from 7.55 to 7.8 per cent, effective yesterday. The Reserve Rank said interest rate rises were officially on hold, provided there was no further slump in the dollar and the GST did not cause a wages blowout. In light of their record earnings, the banks are understandably sensitive to criticism about their retail transaction fees. So much so that they do not like to list them as a separate item.