Laine Gordon

The national credit card debt has risen for the fourth month in a row to $17.44 billion, according to new data from the RBA today.

Australia’s second largest lender, Westpac, has tonight announced it will pass on the cash rate hike in full to its variable rate mortgage customers, effective 17 May 2022.

Australia’s credit card debt has made a surprise drop in March after four consecutive months of rises, according to new data from the RBA today.

ANZ has followed CBA’s lead, hiking variable rate mortgages and one savings account by the full 0.50 percentage points.

The Reserve Bank is likely to be weighing up whether to raise the cash rate by another 0.25 percentage points next week, or hit pause in December, following today’s drop in annual inflation figures.

CBA has turned up the heat on competition in the variable mortgage market by slicing rates, yet again, in a bid to win new business.