Westpac's chief economist says changes to wholesale interest rates affect all banks

It yesterday lifted two of its five-year fixed rates by 30 basis points.

It prompted Finance Minister Nicola Willis to suggest consumers look at switching banks.

But Economist Kelly Eckhold says their hike is a response to comments from the Reserve Bank, affecting all.

He says Westpac's the first, but he assumes other banks will have to follow.