Double Rate Hikes from Australia's Biggest Banks Ahead of RBA Decision

Two major Australian banks have increased their fixed interest rates by up to 0.48 percentage points, ahead of the Reserve Bank's expected cash rate hike.

The Commonwealth Bank and Westpac have implemented these rate hikes in recent days, with CBA's increase being nearly twice the size of a standard cash rate hike.

According to Canstar.com.au data insights director Sally Tindall, this move is 'a clear signal' that Australia's biggest bank is bracing for higher borrowing costs ahead.

The Reserve Bank Governor Michele Bullock has come under pressure to increase the cash rate target as inflation remains high and households are having to devote a larger share of their wallet to fuel.