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Interest rates will start to rise again: Westpac chief

Westpac banking chief executive Gail Kelly has said that interest rates have hit the bottom and are likely to rise again.

The Reserve Bank left its official cash rate unchanged at a 49-year-low of 3.0 percent at the July 7 policy meeting, but in the minutes of the meeting, the board said there remains scope to cut interest rates further if conditions deteriorate.

However Kelly believes that interest rates may have reached the bottom of the current cycle, and the only way to go is up.

“We appear to be getting to the bottom end of the interest rate cycle,” Ms Kelly told journalists. “The market on the whole is beginning to expect rates to go up.”

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