Interest Rates On Hold For October at 1.5%
The Reserve Bank of Australia has today announced that it has decided to keep the cash rate on hold at 1.5%. The economy has shown some signs of growth and it is expected that inflation is tracking to exceptions.
The new Reserve Bank Governor, Phillip Lowe, warned earlier this month that the government are required to play a bigger part in stimulating economic growth rather than rely on the RBA to reduce interest rates. This is a warning that unless something catastrophic happens, further reductions in interest rates are less likely in the future.
We expect that most lenders will leave their variable interest rates unchanged but we will continue to monitor lenders for rate changes outside the official rate. If there are any changes we will list them below.
| Current Bank Interest Rates | Rate Cut and Date |
| Adelaide Bank / Bendigo Bank | No Change Announced |
| AMP | No Change Announced |
| ANZ | No Change Announced |
| Bank of Melbourne | No Change Announced |
| Bank of Queensland | No Change Announced |
| BankWest | No Change Announced |
| Citibank | No Change Announced |
| Commonwealth Bank | No Change Announced |
| ING Direct Bank | No Change Announced |
| ME Bank | No Change Announced |
| Heritage Bank | No Change Announced |
| NAB | No Change Announced |
| St George Bank | No Change Announced |
| Suncorp Bank | No Change Announced |
| Westpac | No Change Announced |
If you have any questions about the announcement or interest rates, please feel free to contact us.
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