“Everything You Need to Know About Rate Changes: From Savings Accounts to Mortgages”

As borrowers remain hopeful that the Reserve Bank of Australia (RBA) will reduce interest rates, leading banks to follow suit, three of Australia’s big four banks have already lowered rates on fixed mortgages. However, it was revealed this week that these banks have also reduced interest rates on popular savings accounts, a move consumer advocates have called “disappointing but not surprising.” The Australian Competition and Consumer Commission has previously criticized banks for their highly complex rate-setting policies.