Big bank job cuts could halt RBA rate hikes as unemployment rises

Major banks are slashing thousands of jobs. ANALYSIS Australia looks destined for another rate at the November RBA meeting, unless it is prevented by the most unlikely of industries … the banking sector. Inflation remains too high, which is of course the main concern for the central bank when considering whether to move the cash rate. But the other number the RBA board keeps a close eye on is the unemployment rate. And that is on the rise as more jobs are cut around the country, especially by our major lenders. MORE:Aus to enter recession on this crucial date NAB recently announced plans to cut up to 2500 jobs, which would account for 6 per cent of its workforce. Unemployment has been on a sharp rise in 2026. Picture: John Appleyard ANZ has had a transformational 2026, with a major cost-cutting initiative doing away with 4500 roles (3500 employees and 1000 contractors). Westpac recently added another 140 planned job cuts to an initial plan of 102. Meanwhile, CBA will bring its total job cuts for the year to 1000, once it axes 232 more positions by the end of 2026. And then there are second tier and minor lenders. Bendigo Bank’s restructure this year affected more than 630 roles, wh...