Experts predict interest rate rises despite the Reserve Bank of Australia (RBA) decision. Photo: Joel Carrett.THE majority of experts in a recent survey believe financiers will increase their loan rates independent of the Reserve Bank of Australia (RBA).Ninety per cent of the 38 experts and economists surveyed by comparison website finder.com.au expect banks to up their loan rates.This is despite the Reserve Bank opting this week to keep the cash rate on hold at 1.5 per cent.When the RBA do eventually move on the cash rate, 68 per cent of those surveyed expect them to rise, with the majority believing the shift won’t come until August or November this year.REA Group chief economist Nerida Conisbee said banks and other financial institutions were expected to continue to increase rates partly because of increased wholesale costs and partly because of APRA pressures.“They will be pretty cautious about raising them but they will raise them independent of the Reserve Bank.”Finder.com.au insights manager at finder.com.au, Graham Cooke, said future hikes mean first home buyers need to be careful.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“With banks likely to lift mortgage rates out-of-cycle, the onus is on first home buyers to factor in potential rate rises to their budgets,” Mr Cooke said.“Generally, mortgage holders should account for two to three per cent on top of their current repayments to avoid rate shock.”Mr Cooke said there was an expectation the gap between the number of first homebuyer and non-first homebuyer loans will continue to widen.“This trend indicates that the market is running away from first-time buyers, as many young couples may be forced to look to the city outskirts to purchase their first home,” he said.Independent economist Saul Eslake said economic data released over the past month would have given the RBA confidence to keep rates on hold in March.“And comments by Phil Lowe over the past month clearly indicate that he has little appetite for further reductions in interest rates, in the absence of a significant negative economic shock,” Mr Eslake said.
India-Pakistan cricket is more exciting and far bigger than the Ashes because of the sheer number of people who come in to cheer, says former Pakistan captain Inzamam-ul-Haq.Inzamam and former India skipper Sourav Ganguly were speaking at the Salaam Cricket Conclave held at Hotel Maurya in New Delhi. Both legends walked down memory lane to take their fans through some endearing moments of their rivalry. (Also read: India have a 99 per cent chance of winning World T20, says Virender Sehwag at Salaam Cricket) While Ganguly revealed he asked Inzamam for bats during his playing days, Inzy recalled how Ganguly would send food to the Pakistani team in Kolkata. The two men, divided by boundaries and cricketing rivarly, were united by a conclave that is bound to touch millions of hearts in two nations.”India-Pakistan contests are better than Ashes. The crowd following was immense and there were great players who competed for their countries,” said Inzaman, who also praised Virender Sehwag lavishly.Sehwag, who blasted a triple hundred against Pakistan in Inzamam’s hometown Multan and smashed another double hundred against them in Test cricket, was a nemesis for Pakistani bowlers for years. Inzaman said it was impossible to set a field agaisnt Sehwag. (India on track for World T20, says Dhoni after Asia Cup win)”Imagine Sehwag batting on the first day of a Test match and I had four or five fielders near the ropes. It was difficult to stop him and it was difficult to captain against him,” said Inzamam at Aaj Tak’s Salaam Cricket Conclave. “Sehwag made me doubt my captaincy, because he would not only score at breathtaking speed, he would also score big.”advertisementGanguly, who led India on a historic tour of Pakistan in 2004, said it was one of the best tours of his cricket career. India and Pakistan were playing a bilateral series for the first time in 15 years, and Ganguly said that the atmosphere there was electric.”That was one of the best tours of my cricket career. I have rarely seen hospitality like that on and off the field. The people were great, the facilities and food was excellent. I want India to make more such tours. It’s also great for batsmen because they have some of the flattest pitches in the world,” Ganguly said.International teams have not toured Pakistan since the attack on the Sri Lankan team bus in 2009. Bilateral cricketing ties between India and Pakistan have also suffered since the 2008 terror attacks in Mumbai. Pakistan did visit India for a short limited-overs tour in 2012, but a more recent tour of the Middle East (Pakistan’s new ‘home venue’) was cancelled by the BCCI.