Banks lifting interest rates, ignoring RBA's holding pattern
The Reserve Bank of Australia has decided that interest rates have to sit tight for now but the banks haven't received the memo, as they continue to lift their own borrowing rates despite the RBA pause.
(Image source: Shutterstock.com)
New Reserve Bank of Australia Governor, Michele Bullock, has taken a conservative approach to her first monthly rates decision, keeping the official cash rate unchanged at 4.10 per cent.
The pause marks the fourth successive month the RBA has held off on the temptation to deliver one more blow to what remains a stubbornly high inflation rate.
Inflation rose in August, reversing a downward trend that has been in place since April. At 5.2 per cen…
