New federal Treasurer Josh Frydenberg has demanded Westpac justify its out-of-cycle interest rate increase for all mortgage borrowers.
The nation's second-largest lender is the first of the big banks to pass through a hike, in response to a jump in the cost of funding loans that has shrunk profit margins.
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Duncan Hughes is a Walkley award-winning personal finance reporter, based in our Melbourne newsroom. Connect with Duncan on Twitter. Email Duncan at duhughes@afr.com.au
Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com
