The Reserve Bank's announcement took the cash rate to 2.85 per cent, up from a record low of 0.1 per cent at the start of May this year, making it the highest it's been since May 2013. Since then Westpac, Suncorp, Commonwealth Bank and Macquarie Bank have joined in announcing rate increases. NAB was the first to move, increasing its standard variable home loan interest rate by 0.25 percentage points from November 11.
A flurry of banks have passed on interest rate rises to borrowers after the Reserve Bank of Australia increased the cash rate by 0.25 percentage points on Tuesday.
