Aussie banks continue to lift interest rates

The major Australian banks are continuing to lift interest rates beyond Reserve Bank raises, a move the Finance Sector Union says will hit mortgage holders hard.

This week, the Reserve Bank lifted the Official Cash Rate by 25 basis points, a move quickly followed by the Commonwealth Bank of Australia raising their variable rate by 45 basis points.

FSU National Secretary Leon Carter said “Australians want better banking. And 82% think banks should not be permitted to raise rates above the Reserve Bank rate.” The figure comes from this week’s Essential Report which is also recorded strong support for capping CEO salaries, and tighter controls on sending personal data and Australian finance jobs offshore.

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