Banks May Lift Interest Rates Independent of RBA, ANZ Warns

The major banks – which also include the National Australia Bank, Commonewalth Bank and Westpac – have increased interest rates independent of the Reserve Bank of Australia at some stage recently.

Since September last year, the RBA has chopped 425 basis points (4.25 per cent) off the official cash rate, leaving it at a 49-year low of 3 per cent.

It’s widely tipped the RBA will start increasing the official cash rate from 2010. Rates are not expected to fall any further than they have already, analysts speculate.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of