Several of Australia's biggest banks have passed on the Reserve Bank's 0.50 per cent rate hike in full a day after the central bank moved to control soaring inflation. 9News
in full a day after the central bank moved to control soaring inflation.
RateCity.com.au research director Sally Tindall said it was expected that the nation's biggest banks would follow the RBA in suit. In his monetary statement explaining the hike, RBA Governor Philip Lowe implied that more rate hikes were on the way. "The board expects to take further steps in the process of normalising monetary conditions in Australia over the months ahead."Tindall said while banks were quick to pass on rate hikes to borrowers, movement for those with savings account was far more subdued.
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