Brad Olsen: Infometrics CEO and Principal Economist on ASB's increasing mortgage rates

ASB is hiking mortgage rates again.  The bank is lifting its one-year and 18-month rates by 20 basis points, increasing them to 7.45%  and 7.15% respectively.  It's also raising its two and three-year rates by 16 points, becoming 7.05% and 6.85%.  This comes at a time when many kiwis are struggling with the cost of living, and banks are reporting high profits.  In August ASB reported a net profit after tax of $1,550 million for the year ending on the 30th of June 2023, an increase of $132 million from the previous year.  Infometrics CEO and Principal Economist Brad Olsen told Kerre Woodham that international funding rates such as the 10 Year Bond Rate have been increasing, impacting rates in New Zealand.    LISTEN ABOVE See omnystudio.com/listener for privacy information.