How the big four banks reacted to fourth RBA rate hike

The Reserve Bank has lifted the cash rate by 25 basis points to 4.60%, taking the nation's official interest rate to its highest level since 2011.

As widely expected, the central bank’s policy setting committee elected to raise rates for the fourth time this year on the back of persistent inflation pressures. 

The decision follows stronger-than-expected economic growth, stubborn underlying inflation and rising oil prices, which have increased concerns that price pressures could remain elevated for longer.

The latest ABS figures showed households’ transport spending rose 2.3% in August, with fuel spending jumping 8.1% following the restoration of the full fuel excise.

Australia's major lenders had been in line in their expectations heading into the meeting, with CommBank, NAB, ANZ and Westpac all forecasting a 25 basis point increase. 

Here's the latest from the big four. (We'll be updating this page as the big four announcements roll in, so stay tuned...)

More to come…