(4 November 2009 – Australia) The nations’ big four banks have all moved swiftly, in line with the Reserve Bank of Australia’s (RBA) announcement, to raise their interest rates by a further 0.25 percent.ANZ was the first to follow the RBA, announcing that the bank would increase its average standard variable loan by 25 basis points to 6.31 percent, while the rates on a range of deposit products would be increased by 35 basis points.
The remaining big four banks, NAB, Westpac and Commonwealth, all followed soon after, announcing that they would be increasing their standard variable home loan rates by the same amount.
Glenn Stevens, governor, RBA said that the adjustments at the October and November meetings will work to increase the sustainability of growth in economic activity and keep inflation consistent with the target over the years ahead.