The back-to-back hikes come ahead of the Reserve Bank of Australia’s August rates decision - with the big four banks divided on whether another increase is coming.
“If borrowers are looking to fix anytime soon they’d do well to keep an eye on what the big banks are doing, or better yet, look beyond them.” Borrowers on variable rates could also be in for more pain, with the Reserve Bank to meet on Tuesday. But it noted in its minutes that “some further tightening of monetary policy may be required to bring inflation back to target within a reasonable timeframe”.
PM AlboMP thanks those involved in the search for the four Australian aviators missing at sea following an army helicopter crash, saying the incident was a stark reminder that there were “no safe or easy days for those who serve in our country’s name”.