Top 6 banks panic: Aus’ biggest lenders hike rates before RBA can

Borrowing costs are set to soar as lenders adjust to the new financing realities. Picture: Nigel Hallett A major lender has just pushed through their second rate hike in three weeks as Australia’s top six banks hit the panic button before the Reserve Bank can. This as fresh Australian Bureau of Statistics data released Thursday revealed the country’s unemployment rate rose to 4.6 per cent in August, despite adding 39,000 jobs – though all gains were in part-time work while 6,000 full-time jobs were lost. But the mixed labor market figures have done little to cool the banking sector’s anxiety, with Canstar’s database showing 18 lenders have quietly raised rates in the past three weeks alone – including the entire top six largest banks in the country, with just five days to go before the RBA’s monetary policy board meeting. Macquarie Bank took the unusual step of hiking its rates twice within the space of three weeks as the impact of what’s to come sinks in. Picture: Gaye Gerard/ NewsWire How Macquarie has decided to brace itself for now. In a sudden move, Macquarie Bank – Australia’s fifth-largest lender – dropped the latest bombshell on Thursday, lifting fixed rates by up to 0.20 p...