RBA Cash Rate Hike Boosts Savings Accounts, Hits Mortgage Holders

The Reserve Bank of Australia (RBA) has raised its official cash rate by 25 basis points to 4.60% for the fourth time in 2026.

This move is expected to have a positive impact on savers, as banks are likely to increase their savings account interest rates in response.

Macquarie Bank has already announced that it will pass on the rate hike to its customers, with savings accounts earning up to 5.25% per annum for balances up to $250,000.

The RBA's decision is not expected to benefit mortgage holders, who will face higher repayments due to the increased interest rates.