Westpac takes the lead as the first major bank to pass on the full value of the Reserve Bank’s surprise rise in interest rates to mortgage borrowers.
The rate rise for June is the biggest hike since 2000 and takes the cash rate target to 0.85 per cent in an attempt to curb surging inflation.which was exacerbated by global supply chain disruptions and the war in Ukraine.
"Higher prices for electricity and gas and recent increases in petrol prices mean that, in the near term, inflation is likely to be higher than was expected a month ago," he said in a statement after the board meeting on Tuesday.The CBA, Westpac and Deutsche Bank forecasted another half a percentage point increase in July, while ANZ predicted the RBA would hike by a quarter of a percentage point next month and then deliver a half a percentage point increase in August.
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