The nation’s biggest home lender is the first off the mark with a rate rise, with CBA moving its standard variable rates 25 basis points higher. Follow updates here.
Governor Lowe has said “we all knew interest rates couldn’t stay at this current level forever” while defending the Reserve Bank’s erroneous guidance not to expect rate increases until 2024.“Nobody predicted we would be looking at the lowest unemployment rate for decades now,” he said. “You might recall that during the dark days of the pandemic, March 2020, people talked about an unemployment rate in Australia of 15 per cent. There would be deep scarring that would take many years to overcome.
“The other thing is that Australians have understood that interest rates would go up at some point. None of us understood really at what point that would be, but we all understood that at some point interest rates would go up.
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