However, it only raised its interest for savings customers by the full 0.25 per cent for two products. In reply, for example, the ANZ raised its interest rates on home loan rates across the board by by 0.25 per cent. The RBA last week raised the official rate to 4.35 per cent β a 12-year high and the 13th increase since May 2022. And while the banks are quick to pass on any rate rises to mortgagee customers, they seldom raise interest rates on savings to match the official rate. The Reserve Bank of Australia (RBA) assesses official interest rates every month. Davis, noting that the jobless rate was near historic lows. βItβs more about the potential of an increase in unemployment that I would worry about in terms of the impact on bank profits through loan defaults,β said Prof. However, University of Melbourne Emeritus Professor Kevin Davis told The Guardian that as long as employment levels remained high, banks would continue to report strong profits.
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