Big four banks silent after RBA lifts interest rates again

Mortgage holders are bracing for higher repayments after another Reserve Bank hike, with the first major lender already moving to pass on the rate rise in its entirety.

Macquarie Bank led the charge after Tuesday’s 25 basis point rise, confirming variable home loan rates will rise by 0.25 percentage points from November 19.

Savers will also get the full increase, with the bank confirming its transaction and savings account rates will rise by the same amount on the same day.

While CBA and Westpac economists have reacted to the decision, none of the big four lenders have confirmed if they will pass on the rate rise.

Banks typically move fast to announce increases for variable mortgage customers after an RBA hike, but savers are also watching to see how much of the increase makes its way into deposit rates.

Macquarie has again chosen to increase both sides by the full 0.25 percentage points, continuing an approach it has taken after several RBA decisions this year.

Head of personal banking Ben Perham acknowledged the latest increase would be difficult for households already dealing with higher living costs.

“To help our variable home loan customers prepare, we’re again waiting more than two weeks before this latest increase takes effect,” he said.

“At the same time, our transaction and savings account customers will see their variable rates increase, with no monthly fees or complex ‘hoops or catches’ to navigate.”

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As it happened: Aussies smashed by fifth rate hike of the year

The Reserve Bank lifted the cash rate by 25 basis points to 4.85 per cent on Tuesday, its highest level since December 2008.

The board voted 6-3 for the increase, which marked the fifth rate hike of 2026.

Governor Michele Bullock declined to rule further moves in or out, saying the board would “take stock” as previous increases continue to work through the economy.

She also said the RBA’s central forecast does not have Australia falling into recession, although economic growth is expected to slow significantly and households will feel even poorer.