Australian Banks Hike Interest Rates Amid RBA Rate Rise
Three of Australia's largest banks have announced they will raise their variable interest rates by 0.25% in response to the Reserve Bank of Australia's (RBA) decision to hike the cash rate to its highest level in 15 years.
The RBA lifted the cash rate to 4.6% on Tuesday, leading Commonwealth Bank, Westpac, NAB, and Macquarie to increase their home loan variable interest rates by 0.25%.
Citigroup's Group Executive Retail Banking Angus Sullivan said the RBA's decision came amid persistent inflation and continued global uncertainty, which contributed to broader economic pressures.
Shadow Veterans' Affairs Minister Michael McCormack criticized the latest interest rate hike, saying that 'people just can't keep forking out; they're not earning that much.'