Why the big banks acted as one in defying the RBA’s rate cut

  • Our biggest banks move fast. Either that, or they collude. At 2.37pm on Tuesday, within minutes of the Reserve Bank cutting its cash rate to an all-time low, the Commonwealth Bank announced a completely different way of responding. Instead of passing on some or all of the cut, it would only pass on half and hand some of the rest out to customers as higher term-deposit rates.

How the big banks cut:

Westpac: 5.29% (cut of 0.14 points)

NAB: 5.25% (cut of 0.10 points)

ANZ: 5.25% (cut of 0.12 points)

Commonwealth: 5.22% (cut of 0.13 points)

READ MORE VIA SMH

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