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There appears to be a medium term structural shift in the supply/demand mix for AUD funding, according to analysts at Westpac.

Key Quotes

“There appears to be a medium term structural shift in the supply/demand mix for AUD funding which is impacting funding costs.”

“This week’s RBA Statement acknowledged the rise in short-term wholesale interest rates saying “[t]his is partly due to developments in the United States, but there are other factors at work as well. It remains to be seen the extent to which these factors persist.”