Banks ‘already starting’ to drop interest rates following inflation fall

Hawker Britton co-founder Bruce Hawker says banks are “already starting” to drop interest rates on some of their mortgage schemes and long-term deposits. This comes as the nation’s inflation rate fell to 3.5 per cent in the year to July, the Australian Bureau of Statistics revealed on Wednesday. “The banks are already getting in there now and doing what the RBA isn’t doing,” Mr Hawker told Sky News Australia. “They are seeing the change coming and that’s good for consumers and it’s pretty good for the Labor government too.”