© 2021 Greek Community Tribune All Rights Reserved

Major banks interest increase rates after RBA rate hike

April 2026 The Reserve Bank has increased interest rates by 0.25 percentage points. The new cash rate is now 4.1 per cent, up from 3.85 per cent. The RBA has now lifted rates twice in two months (once in February, and again in March). Early last week, RBA deputy governor Andrew Hauser said high inflation was “toxic” and that the RBA board was determined to bring inflation down, and traders interpreted his comments as being extremely “hawkish” (pointing towards a rate hike). On Friday, ANZ increased its fixed mortgage rates by up to 0.25 percentage points in anticipation of the RBA lifting rates today. The RBA board’s policy decision was made by a slim majority: five members voted to increase the cash rate by 25 basis points to 4.10 per cent, while four voted to leave the cash rate target unchanged at 3.85 per cent. The outbreak of war in the Middle East on February 28 has had global ramifications for oil and gas markets. Fuel prices have jumped dramatically in Australia in recent weeks, exacerbated by motorists panic-buying. At the end of February, Brent crude oil was trading at about $US70 a barrel. But prices have surged since the outbreak of war, touching $US116 a barrel last week. It is currently trading at about $US103 a barrel. Australia’s Big Four banks have announced interest rate rises following the Reserve Bank of Australia’s decision to increase the national cash rate. NAB announced it would raise its home loan variable interest rates by 0.25 per cent per annum, effective March 27. NAB group executive, personal banking, Ana Marinkovic, said the bank was aware a rate increase would be “challenging for many Australians”. “Particularly in the context of ongoing cost-of-living pressures,” she said. “Many customers have built buffers over time by paying more than the minimum when they can, which can provide some breathing room as rates rise. But we know that won’t be the case for everyone.” She encouraged customers who felt under pressure to contact NAB “as soon as possible”.
Greek Tribune Adelaide, South Australia
© 2021 Greek Community Tribune All Rights Reserved

Major banks interest increase rates after

RBA rate hike

April 2026 The Reserve Bank has increased interest rates by 0.25 percentage points. The new cash rate is now 4.1 per cent, up from 3.85 per cent. The RBA has now lifted rates twice in two months (once in February, and again in March). Early last week, RBA deputy governor Andrew Hauser said high inflation was “toxic” and that the RBA board was determined to bring inflation down, and traders interpreted his comments as being extremely “hawkish” (pointing towards a rate hike). On Friday, ANZ increased its fixed mortgage rates by up to 0.25 percentage points in anticipation of the RBA lifting rates today. The RBA board’s policy decision was made by a slim majority: five members voted to increase the cash rate by 25 basis points to 4.10 per cent, while four voted to leave the cash rate target unchanged at 3.85 per cent. The outbreak of war in the Middle East on February 28 has had global ramifications for oil and gas markets. Fuel prices have jumped dramatically in Australia in recent weeks, exacerbated by motorists panic-buying. At the end of February, Brent crude oil was trading at about $US70 a barrel. But prices have surged since the outbreak of war, touching $US116 a barrel last week. It is currently trading at about $US103 a barrel. Australia’s Big Four banks have announced interest rate rises following the Reserve Bank of Australia’s decision to increase the national cash rate. NAB announced it would raise its home loan variable interest rates by 0.25 per cent per annum, effective March 27. NAB group executive, personal banking, Ana Marinkovic, said the bank was aware a rate increase would be “challenging for many Australians”. “Particularly in the context of ongoing cost-of-living pressures,” she said. “Many customers have built buffers over time by paying more than the minimum when they can, which can provide some breathing room as rates rise. But we know that won’t be the case for everyone.” She encouraged customers who felt under pressure to contact NAB “as soon as possible”.
Greek Tribune Adelaide, South Australia