Big banks respond to RBA's interest rate hike

Big Banks Respond to RBA's Interest Rate Hike

Australia's major banks have started increasing their variable interest rates in response to the Reserve Bank of Australia's decision to raise the cash rate for the first time in four years. The cash rate has been increased by 0.25 percentage points, bringing it to 3.85 percent. The Commonwealth Bank will implement a 0.25% increase on its home loan variable rates from February 13 onwards.

Angus Sullivan, CBA's retail banking executive, stated that they are aware of the added financial strain this may cause and aim to support customers in managing their finances.