Opinion: First mover disadvantage: Why no bank wants to be the first to raise interest rates | EKnightOfficial
It feels bizarre given borrowers are aware that all the banks will pass on the RBA’s rate rise in full. The banks fully understand the RBA has given them the cover to allow them to raise rates by half a percentage point.
Privately, ANZ, Westpac and NAB have spent the day pointing the finger at the Commonwealth Bank, hoping that, as the largest player, it would take the lead. How the banks respond to savers is particularly important because there is an additional $260 billion parked in bank accounts than there was before COVID-19 struck.
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