RBA interest rates climb but who can govern the big banks?

RBA interest rates climb but who can govern the big banks?

The table of records below show the percentage change in the cash rate and changes taken from the RBA website.

7 March 2023     +0.25     3.60

8 Feb 2023         +0.25     3.35      

7 Dec 2022         +0.25     3.10      

2 Nov 2022         +0.25     2.85      

5 Oct 2022          +0.25     2.60      

7 Sep 2022         +0.50     2.35      

3 Aug 2022         +0.50     1.85      

6 Jul 2022           +0.50     1.35      

8 Jun 2022          +0.50     0.85      

4 May 2022         +0.25     0.35      

6 Apr 2022          0.00       0.10      

After a pause in January for the Christmas break, the Reserve Bank of Australia (RBA) once again raised the cash rate by 0.25%, bringing the official interest rate to 3.35%.

The four major banks (CommBank, Westpac, ANZ, and NAB) have past this one to their customers immediately, who have coped the full whammy of the RBA’s the rises since they began in mid-2022, meaning the average variable rate for a home loan with a big four bank sits at 6.24% p.a.

Commonwealth

• Increasing variable interest rates 0.25% p.a. from 17 February

ANZ

• Increasing variable interest rates 0.25% p.a. from 17 February

Westpac

• Increasing variable interest rates 0.25% p.a. from 21 February

NAB

• Increasing variable interest rates 0.25% p.a. from 17 February

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