Rates rise this year "plausible", RBA governor concedes; Westpac in 20pc quarterly earnings plunge as mortgage competition bites

Reserve Bank governor Philip Lowe has conceded it's now "plausible" but not certain that official interest rates could rise this year. 

While that's good news about a rebounding economy in the face of a pandemic, Mr Lowe has warned highly indebted real estate borrowers to ensure they have a "buffer" to deal with a higher mortgage repayments down the track. 

ABC's Peter Ryan says financial markets continue to ignore the RBA's dovish outlook and predicts aggressive rate rises this year.