THE RORT · THE INFLATION RORT · ARTICLE 14 / 20READING

CASE FILE · THE INFLATION RORTARTICLE 14 / 20By The Rort · 29 September 2026 · updated 4 October 2026 · therort.com.au

The savers’ share

Did the banks keep the 2026 rises from savers? Not most of them, on average, on the Reserve Bank’s own tables: what households were paid on deposits rose about as much as what owner-occupiers were charged on variable loans. But advertise…

Bank (ADI) profit after tax if the 2025-26 pace holds, since 1 July 2026 · MODELLED, not measuredA$11,061,643,835

Reading time27 min

THE RORT STANDARDPublished before 1.0

How much of the cash rate’s 0.75-point rise to May reached borrowers and savers, product by product, on the Reserve Bank’s own tables.

The cash rate rose three times before today: 3.60 per cent to 4.35 per cent, effective 4 February, 18 March and 6 May 2026. On 29 September the Reserve Bank’s Monetary Policy Board raised it a fourth time, by 25 basis points to 4.60 per cent, unanimously ¹ ².

This article asks one narrow question: did the banks keep those rises from savers? The Reserve Bank publishes both sides of the ledger, what banks pay on deposits and what they charge on loans, in its Tables F4, F4.1, F5 and F6, published on 7 September 2026. On those tables, the banks did not keep most of those rises from savers, on average: the average rate paid on all outstanding household deposits rose from 2.8 per cent to 3.5 per cent between December 2025 and July 2026, and the average rate charged on outstanding owner-occupier variable loans rose from 5.5 per cent to 6.2 per cent: 0.7 points each ³ ⁴.

The average is not the whole answer. In every month from November 2025 to August 2026, the advertised rate on a bank transaction account ($5,000) was 0.00 per cent, while every advertised bank variable housing rate rose exactly 0.75 points, in the months of the three rises ⁵ ⁶. What follows sets out both findings, the conditions attached to the savers who did keep pace, the first moves on the fourth rise, and what the Reserve Bank itself says about how banks earn on deposits.

The tables run to July (deposits and loans) and August (advertised rates) 2026, so none of them includes today’s rise ³ ⁴ ⁵ ⁶.

Fig. 01 / What savers were paid and borrowers were charged

Savers

Advertised bank rates, product by product, and the household average

Bank transaction account ($5,000), every month: 0.00 per cent
Bank cash management accounts: Up 0.30 points
One-month term deposits: Up 0.20 points
Bonus saver accounts, only with a deposit and no withdrawal each month: Up 0.80 points, on conditions
Average paid on all household deposits: Up 0.7 points

Pays

Advertised rates, every month from November to August

The banks

Between them, the cash rate rose 0.75 points across the three rises.

Charges

The full rise, in the months of the three rises

Borrowers

Advertised bank variable housing rates, and the owner-occupier average

Every advertised bank variable housing rate: Up 0.75 points
Standard owner-occupier rate: 8.02 to 8.77 per cent
Average charged on owner-occupier variable loans: Up 0.7 points

The finding

On average, the banks did not keep most of those rises from savers. But savers in transaction accounts, and in cash management accounts and short term deposits, got little or none of the rise, while every advertised variable housing rate rose the full amount in the same months.

Advertised rates and averages from the Reserve Bank's own tables, which do not yet include the latest rise.

Stated in: the opening, §01, §02, §03, §04, §08

Fig. 01Source: the article text, each mark cited to its sentenceAs of 2026‑09‑29Hand-curated

01What was paid and what was charged

Table F4.1 gives the weighted-average rate paid on all outstanding deposits. It rose from 3.0 per cent in December 2025 to 3.6 per cent in July 2026, a rise of 0.6 points: about 80 per cent of the 0.75 points the cash rate rose over the same period. The table is published to one decimal place, so the true change lies between about 0.5 and 0.7 points, or 67 to 93 per cent ³. The percentages are THE RORT’s calculation from the table.

For households alone, the average rate paid on all outstanding deposits rose from 2.8 per cent to 3.5 per cent, a rise of 0.7 points, about 93 per cent of the cash rate’s rise; allowing for rounding the range is roughly 80 to 107 per cent. On household at-call balances the rate rose from 2.5 per cent to 3.2 per cent ³.

Table F6 gives the average rate charged on outstanding owner-occupier variable loans. It rose from 5.5 per cent in December 2025 to 6.2 per cent in July 2026: also 0.7 points ⁴. Set the two side by side. In December, 5.5 minus 2.8 is 2.7 points. In July, 6.2 minus 3.5 is 2.7 points. Against all deposits, not households alone, the gap was 2.5 points in December and 2.6 in July (THE RORT’s calculation from Tables F4.1 and F6) ⁴. That 0.1-point change is within the rounding. At the one-decimal precision published, the gap between what owner-occupiers on variable loans were charged and what households were paid did not measurably widen over the rises ⁴.

That is not a bank margin. It compares one kind of loan with deposits, and a change of up to about 0.1 to 0.2 points could be hidden by the rounding ⁴.

The Reserve Bank’s own words point the same way, with a qualification. Its August 2026 Statement on Monetary Policy reads: “Banks have passed on the three cash rate increases to deposit and lending rates.” It adds that variable mortgage rates “increased by nearly 75 basis points between January and June” ⁷. Its May 2026 Bulletin reads: “Deposit costs declined by less than the decline in the cash rate over 2025 and rose by less than the cash rate as it was increased in early 2026” ⁸. On the paid rates in Table F4.1 to July, “by less” now has a size: about 80 per cent of the cash rate’s rise for all deposits, and about 93 per cent for households (roughly 80 to 107 per cent allowing for rounding), at the one-decimal precision published ³.

The tables do not support a claim that the banks kept most of the 2026 rises on deposits. The narrower charge, in the next section, is the one they do support.

02The savers who got little or none

An average hides the spread between products. Table F4 lists advertised rates product by product. An advertised bank transaction account ($5,000) paid 0.00 per cent in every month from November 2025 to August 2026 ⁵. Bank cash management accounts rose only 0.30 points: $10,000 from 0.25 per cent to 0.55 per cent, and $50,000 from 0.40 per cent to 0.70 per cent, about 40 per cent of the cash rate’s rise. One-month term deposits rose 0.20 points, from 1.20 per cent to 1.40 per cent, about 27 per cent. Three-month term deposits rose 0.45 points, from 2.85 per cent to 3.30 per cent, 60 per cent ⁵. The percentages are THE RORT’s calculation from the table.

0.00%

Advertised rate on bank transaction accounts ($5,000) in every month from November 2025 to August 2026, while every advertised bank variable housing rate rose 0.75 points. On average, what households were paid on all deposits rose about 0.7 points, about as much as owner-occupier variable loan rates charged.

Source · RBA Tables F4, F4.1, F5 and F6, published 7 September 2026

The tables THE RORT read do not publish the balances held in each product, so how many savers sit in each of these accounts is unknown ⁵. The ACCC’s 2023 deposits inquiry found that four major banks and six mid-tier banks supply 89 per cent of retail deposits ⁹.

On THE RORT’s reading of the tables, this is the supportable charge: savers in transaction accounts, and in cash management accounts and short term deposits, got little or none of the rise, while every advertised variable housing rate rose the full amount in the same months ⁵ ⁶. It is a charge about products, not about the average. Some borrowers also hold an offset account; over five years, loans with one rose from about 40 per cent to 55 per cent of housing facilities ⁸. The tables do not publish balances by product, so what share of any product sits in offsets is unknown ⁵.

03The savers who kept pace, on conditions

Other advertised rates rose by as much as the cash rate or more. Bonus saver accounts rose from 4.00 per cent to 4.80 per cent, 0.80 points, 107 per cent of the cash rate’s rise, but only if a deposit is made and nothing is withdrawn each month. The Reserve Bank’s own table note says bonus accounts “pay a higher rate of interest if at least one deposit and no withdrawals are made each month”, and the series is “an average of the five largest banks’ rates assuming these requirements are met” ⁵.

How often those conditions are met matters. The ACCC found that 71 per cent of bonus interest accounts did not receive the bonus interest rate in an average month over the first six months of 2023 ⁹. That figure is for 2023; it does not show how often the conditions were met in 2026.

Online savers rose from 2.30 per cent to 3.10 per cent, also 0.80 points; the series is prominent providers, not the big four only. Six-month term deposits rose 0.75 points, a full move only by June. One-year term deposits rose 1.20 points, from 3.75 per cent to 4.95 per cent, and three-year term deposits 1.25 points, from 2.95 per cent to 4.20 per cent; both partly price expected rises, and both are off their May and June peaks (the one-year rate was 5.05 per cent, then 4.95 per cent in August). The average across all term deposit terms at the five largest banks rose 0.65 points, from 2.90 per cent to 3.55 per cent, 87 per cent of the cash rate’s rise ⁵.

Newly written term deposits outran the cash rate. The rate on all new term deposits rose 0.8 points, from 3.8 per cent to 4.6 per cent, and on households’ new term deposits 1.1 points, from 3.7 per cent to 4.8 per cent. Fixed-term rates price expected rises too ³.

A saver who moved to a bonus or online account, or locked in a one-year term deposit, kept pace with the cash rate only on those conditions and that timing ⁵.

04Borrowers: the full advertised rise, in the month

Table F5 lists advertised lending rates. Every advertised bank variable housing rate in it rose exactly 0.75 points, in the months of the three rises: 25 basis points each in February, March and May. The standard owner-occupier rate went from 8.02 per cent to 8.77 per cent. The discounted rate, which is a rate for professional packages and not a rate for new loans, went from 6.05 per cent to 6.80 per cent. Investor and interest-only rates rose likewise ⁶.

Small business variable rates also rose 0.75 points, from 8.25 per cent to 9.00 per cent, and from 10.01 per cent to 10.76 per cent. Advertised credit card rates did not move: 20.99 per cent and 13.49 per cent in every month from November 2025 to August 2026 ⁶.

Update, 4 October 2026. The card rates above are the Reserve Bank’s indicator rates across large lenders, not any one bank’s. F5’s latest figures are for 31 August 2026, before any of the big-bank card rises. ANZ’s 28 September rise, and possibly Westpac’s from 30 September, fall within the 30 September observation; NAB’s 1 October rise cannot appear before the 31 October observation ³⁷. NAB’s variable purchase rate rises from 20.99 to 22.49 per cent on its Low Fee, frequent flyer and Rewards cards, and from 13.49 to 13.99 per cent on its Low Rate Card, from each customer’s first statement after 1 October ³⁸; ANZ’s purchase rate rose to 22.49 per cent from 28 September ³⁹. A new article in this series, Above the 0.25, sets out when NAB’s changes became public.

The average rate actually charged on outstanding owner-occupier variable loans rose 0.7 points, as the first section showed, to one decimal place ⁴.

Advertised fixed mortgage rates rose before the first 2026 rise. The three-year fixed owner-occupier rate went from 5.56 per cent in November 2025 to 5.77 per cent in December, 5.99 per cent in January, and 6.74 per cent by June to August: 0.97 points up from December. The investor three-year fixed rate rose 0.88 points ⁶.

The Reserve Bank’s February 2026 Statement on Monetary Policy says that less than 5 per cent of new and outstanding mortgages are on fixed-rate terms ¹⁰. Its May 2026 Statement says: “Cash rate increases can take up to three months to flow through to minimum required variable-rate mortgage payments” ¹¹.

05The first moves on the fourth rise

The Reserve Bank announced today’s rise at 2.30 pm on 29 September, effective 30 September ¹ ². When THE RORT last checked, at 4.46 pm, Macquarie had published its new savings rates and its home loan change, UBank’s savings changes had been reported, and the four major banks had announced none ¹² ¹⁵ ¹⁷.

Update, 30 September 2026. Teachers Mutual Bank Limited also announced on 29 September that it will raise interest rates by 0.25 per cent a year across its variable savings products from Thursday 1 October 2026, and across its variable home loan products from 8 October 2026, across its five retail brands. The bank states no rate levels. Its Chief Customer Officer, Greg Johnson, said: “A large number of our members also have significant savings with the bank, and this rate change provides higher returns on the money they have worked hard to put aside.” ²⁹ Its savers’ rise takes effect seven days before its borrowers’; that is one bank, not the system. The paragraph above records what THE RORT found at 4.46 pm on 29 September; the four major banks’ position at about 5.00 am on 30 September is set out later in this section.

Macquarie’s own help page says: “Macquarie is increasing its variable home loan reference rates by 0.25% per annum, effective 15 October 2026.” The page does not split owner-occupier and investor loans ¹². The same page gives new ongoing variable rates for its savings accounts, by balance: 5.25 per cent up to $250,000, 5.05 per cent from $250,000.01 to $2,000,000, and 4.60 per cent above $2,000,000 ¹². Its savings account page, still showing the old rates, lists them as 5.00 per cent, 5.00 per cent and 2.75 per cent ¹³. By THE RORT’s difference between the two pages, that is a rise of 25 basis points up to $250,000, 5 basis points from $250,000.01 to $2,000,000, and 185 basis points above $2,000,000. A Macquarie saver with a balance from $250,000.01 to $2,000,000 gets 5 basis points, against the 25 basis points borrowers get on the home loan reference rates ¹² ¹³.

Correction, 30 September 2026. The paragraph above said that a Macquarie saver with a balance from $250,000.01 to $2,000,000 gets 5 basis points, against the 25 basis points borrowers get on the home loan reference rates. That is too broad. The 5 basis points is the Savings Account’s ongoing rate only (5.00 to 5.05 per cent). Macquarie’s own release of 29 September puts its Transaction Account rate up from 2.75 to 3.00 per cent, 25 basis points, on every balance tier, including $250,000.01 to $2,000,000, from 15 October ²⁴. In that bracket a Savings Account holder gets 5 basis points and a Transaction Account holder 25, the same as the home loan reference rates. The release also gives the old and new Savings Account rates on one page (5.00 to 5.25, 5.00 to 5.05 and 2.75 to 4.60 per cent), so the 25, 5 and 185 basis point differences no longer rest on comparing two pages; they remain THE RORT’s calculation from the published rates ²⁴.

The page also says: “we will also be increasing the interest rates available across our Transaction, Savings, Business Savings and Cash Management accounts effective 15 October 2026.” It lists a Transaction Account rate of 3.00 per cent on all tiers, and rises to its Business Savings and Cash Management accounts; THE RORT has not verified the size of those changes. Its welcome rate of 5.60 per cent up to $250,000 is “no longer available to savings accounts opened after 11:59pm AEST Monday 14 September 2026”; THE RORT has not verified the size of any change to it. The page shows no term deposit change ¹².

Update, 30 September 2026. The size of the Transaction Account change, which the paragraph above says THE RORT had not verified, is 25 basis points on every tier (see the correction above) ²⁴. The sizes of the Business Savings and Cash Management changes remain unverified: the release prints only the Transaction and Savings tables ²⁴. The sentence “The page shows no term deposit change” is still true of that help page, and the words “term deposit” and “fixed” do not appear in Macquarie’s release ²⁴. But beside the 5 basis point line it leaves out what Macquarie did with term deposits in September, before the decision. Between Macquarie’s term deposits page of 1 September (14:15 AEST) and its page of 21 September (08:50 AEST), the Digital Term Deposit rates for $1 million or under, interest paid at maturity, rose by 5, 15, 15 and 20 basis points on 3, 6, 9 and 12 months, to 5.05, 5.20, 5.25 and 5.35 per cent; the day or days of the rise are not on the record, and the minimum investment is $25,000 ²⁵. That followed a cut of 5 basis points on the 6, 9 and 12 month rates between its pages of 1 August and 13 August, which savings.com.au reported on 5 August ²⁶; net of the two, the rates are up 5, 10, 10 and 15 basis points from 1 August to 30 September (THE RORT’s arithmetic). A saver in the $250,000.01 to $1,000,000 part of the bracket could have opened a 12-month Digital Term Deposit (individual or joint, minimum $25,000) at 5.35 per cent, against 5.05 per cent on the Savings Account from 15 October ²⁵ ²⁴. This is verified for the Digital Term Deposit only; whether the classic Macquarie Term Deposit, which also prices existing individual and joint rollovers, rose in September is not verified. Macquarie’s term deposit tables were unchanged at 5.17 am AEST on 30 September against the 21 September capture ²⁵. None of the Macquarie pages THE RORT read gives a reason for these moves.

Update, 30 September 2026. The borrower side of Macquarie’s September also moved before the decision. Macquarie raised its fixed home loan rates twice. On its owner-occupier principal and interest table for loans up to 70 per cent of the property’s value, its own pages show the one-year fixed rate at 6.19 per cent on 13 August and 6.49 per cent on 30 September, the two-year at 6.14 and 6.59, the three-year at 6.09 and 6.59, and the four- and five-year at 6.29 and 6.64: net rises of 0.30, 0.45, 0.50, 0.35 and 0.35 points (THE RORT’s arithmetic). The rates are for new loans ²⁷. Media reports date the first rise to Tuesday 8 September, and the second was reported on 24 September ²⁸; Macquarie’s newsroom page lists no release on either ²⁷. Fixed-rate loans are a small slice of the stock: the Reserve Bank’s February statement puts fixed-rate terms at less than 5 per cent of new and outstanding mortgages ¹⁰. The like-for-like comparison stands: on the two variable products announced together on 29 September, with the same effective date, the middle Savings Account tier gets 5 basis points against 25 on the home loan reference rates, and the Transaction Account gets 25. What the September record adds is that the 5 basis points is not the whole of what Macquarie did in September, on either side. These are advertised rates. Balances by product are not published, and THE RORT draws no conclusion about Macquarie’s margin from them.

Correction, 4 October 2026. The paragraph above gives Macquarie’s net fixed-rate rises since 13 August (0.30, 0.45, 0.50, 0.35 and 0.35 points) without saying that they followed cuts. On 5 June Macquarie cut its one- to five-year fixed rates by 0.25, 0.40, 0.50, 0.35 and 0.45 points, from 6.44, 6.54, 6.59, 6.64 and 6.74 per cent, Canstar reported, to 6.19, 6.14, 6.09, 6.29 and 6.29 per cent, the same levels its own page showed on 13 August ⁴⁰. Its rates on 30 September, unchanged on 3 October, of 6.49, 6.59, 6.59, 6.64 and 6.64 per cent are 0.05 points above the pre-June levels at one and two years, level at three and four years, and 0.10 below at five (THE RORT’s arithmetic) ⁴⁰ ²⁷. Most of the September rises reversed the June cuts. The figures and dates in the paragraph above stand; this adds the context they lacked.

Macquarie’s own release of 3 February said the bank would “increase variable interest rates paid on its transaction and savings accounts by 0.25% p.a. from 20 February 2026” ¹⁴. That is one bank, not the system ⁸.

UBank’s own page was not read by THE RORT. Savings.com.au reports that UBank’s Save account welcome bonus rate rises to 6.10 per cent, “up 25 basis points from 5.85% p.a.”, and its ongoing Save rate with bonus, up to $1 million, to 5.35 per cent, “up 25 basis points from 5.10% p.a.”, both effective 6 October 2026 ¹⁵. Finder’s tracker describes the 5.85 per cent as an introductory rate for four months ¹⁶.

THE RORT re-checked the four major banks’ own pages between 4.44 pm and 4.46 pm AEST on 29 September. None had announced a change to variable home loan, savings or term deposit rates. CBA’s savings page said: “we’re currently reviewing the interest rates for savings products”; its home loan page still showed 5 May 2026. Westpac said its interest rates were “currently under review”. ANZ said it was “reviewing its home loan and residential investment loan interest rates”. NAB’s home loan page still showed 3 February 2026 ¹⁷. The test of borrowers against savers for the big four is still open.

Update, 30 September 2026. THE RORT re-read the four major banks’ own pages between 4.59 am and 5.00 am AEST on 30 September. None had announced a decision on the pages read. CBA’s home loan page still showed 5 May 2026; its savings page, dated 29 September, still said “we’re currently reviewing the interest rates for savings products”; and its home page carried an undated banner, “The Reserve Bank of Australia has increased the cash rate. We’re reviewing our rates and will share an update soon.” (when the banner first appeared is not known). Westpac’s page, dated Tuesday 29 September, still said its interest rates were “currently under review”. ANZ’s page, dated 29 September, said it was reviewing its home loan and residential investment loan interest rates. NAB’s home loan page still showed 3 February 2026, and its news page had nothing dated 29 or 30 September ³⁰. Term deposit pages were not re-read. The test of borrowers against savers for the big four is still open as at that time.

Update, 30 September 2026, evening. THE RORT re-read the four major banks’ own pages and releases between 5.40 pm and 5.43 pm AEST on 30 September. All four had announced a rise of 0.25 per cent a year in variable home loan rates, effective 9 October 2026: CBA, whose release quotes Angus Sullivan, Group Executive Retail Banking ³²; Westpac, for new and existing customers ³³; NAB, whose release says its new rates “take effect from October 9” and that the change applies to its standard variable home loan rates ³⁴; and ANZ, across its home, residential investment and line of credit home loans ³⁵. That is one day after Teachers Mutual Bank Limited’s 8 October ²⁹ and six days before Macquarie’s 15 October ²⁴. On savings the record is narrower. Westpac announced that its Westpac Life total variable rate with bonus interest rises 0.25 per cent a year to 5.25 per cent, effective 9 October ³³. CBA’s savings page, dated 29 September, still said “we’re currently reviewing the interest rates for savings products”, and its release says nothing about savings or term deposits ³². NAB’s release says it “regularly reviews its savings and deposit rates” and states no change ³⁴. ANZ says it “continues to review other interest rates” ³⁵. Apart from the Westpac Life rate, none of the four had stated a savings or bonus saver change, and none had stated a term deposit change, on the pages read. The Australian Banking Association’s news page carried nothing on the rise; its newest item, dated 30 September, was on card surcharging ³⁶. The test of borrowers against savers for the big four is therefore still open on the savers’ side, at CBA, NAB and ANZ and for Westpac’s products other than Westpac Life, as at that time.

Update, 4 October 2026. NAB’s savings side, and the other banks’ since 30 September. As at 14:23 AEDT on Sunday 4 October, NAB’s savings page, deposit rate schedule (effective 28 September), term deposit pages, newsroom and interest-rates news index showed no savings or term deposit rate change after the RBA’s 29 September decision ⁴¹ ⁴³. NAB’s Reward Saver pays a total of 5.00 per cent, a 0.01 per cent base rate and a 4.99 per cent bonus in months when the customer qualifies; the iSaver pays 5.25 per cent for four months, then 1.65 ⁴¹. In each of the three earlier 2026 rises NAB’s savings rise took effect on the same day as its home loan rise, ten days after the decision; this time that day is Friday 9 October, and whether NAB will move is not known ⁴² ³⁴. Across the four 2026 rises the cash rate is up 1.00 point; as at 14:23 AEDT on 4 October, five days after the fourth decision, NAB’s Reward Saver bonus rate is up 0.85, all of it from the first three rises, which totalled 0.75; its unconditional base rate is unchanged at 0.01%, and the iSaver standard rate is up 0.40 ⁴² ¹. Between NAB’s 31 August and 28 September rate schedules, NAB raised its 7, 8, 10, 11 and 12 month term deposit rates by 0.05 to 0.15 points (12 months 5.15% to 5.30%), cut its 9 month rate from 5.00% to 3.80%, and left 30 day to 6 month and 24 to 60 month rates unchanged; the 9-month rate was cut to 3.70% in the first half of September and set at 3.80% in the 28 September schedule, both before the RBA decision ⁴³. CBA announced on 2 October “a variety of increases across select savings products, effective 9 October 2026”, including its NetBank Saver standard rate from 2.10 to 2.30 per cent for new and existing customers and its GoalSaver rate with bonus from 5.00 to 5.25 per cent ⁴⁴. ANZ’s own pages and product data showed no savings rate change; Yahoo Finance reported on 1 October that ANZ will raise the bonus rate on its Plus Growth Saver by 0.25 from 9 October, which THE RORT did not find on ANZ’s own pages ⁴⁵. UBank, whose products are issued by “Ubank, part of National Australia Bank Limited”, now says on its own page: “From 6 October 2026, our Everyday Bonus Rate will increase to 5.35% p.a. Customers receiving our Welcome Bonus Rate will earn 6.10% p.a. from that date.” ⁴⁶ The earlier paragraph on UBank in this section relied on Savings.com.au. On the borrower side, between 14 September and 2 October NAB raised its owner-occupier principal-and-interest fixed rates by 0.35 to 0.47 percentage points, and investor fixed rates by 0.30 to 0.45, in two steps; owner-occupier interest-only fixed rates rose 0.15 to 0.25. The RBA’s cash rate rose 0.25 ⁴⁷. Those rises followed NAB’s 22 July cuts: 0.05 points in its one-year owner-occupier rate and 0.20 in its two-year, to 6.34 per cent, and 0.15 points across its investor fixed rates; at 6.81 per cent its two-year owner-occupier rate is 0.27 above its level before the cut, 6.54 per cent ⁴⁸. The Reserve Bank says new fixed rates have followed tenor-matched swap rates, “which they typically reference” ⁸; a new article in this series, Above the 0.25, tests NAB’s rises against swap rates and, as a proxy, government bond yields. These are advertised rates, and THE RORT draws no conclusion about any bank’s margin from them.

06How banks earn on deposits, in the Reserve Bank’s words

A deposit that pays a saver little or nothing is not necessarily a deposit that earns the bank little. The Reserve Bank’s April 2024 Bulletin describes how banks hedge near-zero-rate deposits: “This ‘replicating portfolio’ of a rolling portfolio of receive-fixed, pay-floating interest rate swaps makes the effective interest rate associated with these deposits move with short-term market interest rates.” The banks’ earnings on those deposits therefore rise with market rates ¹⁸.

The same Bulletin says the mechanism smooths bank margins: “changes in the cash rate have a relatively small effect on NIMs”, the net interest margins ¹⁸. THE RORT’s reading of the Bulletin is that the mechanism limits the size and speed of any windfall to banks from a rate rise; it does not show that there is none ¹⁸.

On the charge side, KPMG said the major banks’ net interest income rose 5.9 per cent to $78.8 billion in FY25 “primarily due to higher earnings on capital and deposits replicating portfolios”, partly offset by competition ²³.

This article does not examine any bank’s own results.

07History: 2022-23 and 2025

The pattern is not new. In the 2022-23 cycle the cash rate rose 4.25 points, from 0.10 per cent to 4.35 per cent ¹. On average, neither borrowers nor savers got the full 425 basis points. The average interest rate on total deposits excluding offset accounts rose 325 basis points, “around 75 per cent of the total increase in the cash rate”; at-call deposit rates rose about 275 basis points and new term deposit rates about 435 basis points ¹⁹. The average outstanding variable rate rose about 70 basis points less than the cash rate between May 2022 and September 2023, and new variable rates 40 basis points less ¹⁹. The major banks’ spread between lending rates and funding costs declined 60 basis points, to around 190 basis points; their NIMs “increased modestly in 2022” and “have more recently declined below their pre-pandemic level” ¹⁹.

Pass-through to average at-call deposit rates is typically less than 100 per cent because some deposit accounts have interest rates that do not move with the cash rate.

In the three 2025 cuts, to 3.60 per cent ¹, the major banks’ funding costs fell about 90 basis points from late 2024. At-call deposit rates fell about 50 basis points and new term deposit rates about 75 basis points, while lending rates fell in line with the cash rate ²⁰.

08The other side

Higher rates do more than cost borrowers. Assistant Governor Christopher Kent, in October 2023, listed five transmission channels and said of the cash-flow channel: “Because the cash-flow channel is so noticeable, and felt so keenly by borrowers, it gets a lot of attention” ²¹.

When interest rates go up, households pay more on their debt and earn more on their savings.

Outright owners, about a third of households, gain income when rates rise. The Reserve Bank’s January 2025 Bulletin, which predates the 2026 rises, estimated that the median outright owner’s gain is only about one-third of the median mortgagor’s loss, and that many older households, who own outright or owe little and hold large deposit savings, “typically benefit from higher interest rates” ²².

The tables themselves carry the rest of the other side. On average, household deposit rates rose 0.7 points, about as much as owner-occupier variable loan rates ³ ⁴. Bonus and online savers, and savers who locked in one-year term deposits, kept pace or better, on conditions and timing ⁵. The Bulletin of May 2026 says the spread between banks’ lending rates and funding costs “has increased since early 2025 but remains well below its pre-pandemic levels”, and that margins “stabilised in 2025 around historical lows” ⁸. The replicating portfolio smooths margins ¹⁸. The one-decimal rounding cuts both ways: a change of up to about 0.1 to 0.2 points in the gap could be hidden ⁴.

Three things remain open. How much money sits in each deposit product is not published ⁵. What the big four will pay savers, and from when, was not announced by 4.46 pm on 29 September ¹⁷. And none of the tables yet includes the September rise; later releases of Tables F4, F4.1, F5 and F6 will show it. If Macquarie, any of the four major banks or the Australian Banking Association wants to reply to anything in this article, write to corrections@therort.com.au; any reply will be added as a dated update.

Update, 30 September 2026. As at about 5.00 am AEST on 30 September the big four had still not announced, on the pages THE RORT read, what they will pay savers, or from when (see the update in the section “The first moves on the fourth rise”) ³⁰. The Australian Banking Association’s news page and feed carried nothing on the rise; the newest item was dated 21 September ³¹. The invitation to reply above stands.

Update, 30 September 2026, evening. By 5.40 pm AEST on 30 September CBA, Westpac, NAB and ANZ had each announced a rise of 0.25 per cent a year in variable home loan rates, effective 9 October 2026 ³² ³³ ³⁴ ³⁵; the only savings rate change any of the four had stated was Westpac’s, on its Westpac Life total variable rate with bonus interest (to 5.25 per cent) ³³, and CBA’s savings page still said it was reviewing (see the update in the section “The first moves on the fourth rise”). The Australian Banking Association’s news page carried nothing on the rise ³⁶. The invitation to reply above stands.

If it’s a rort, we cover it.

Fig. 02 / This case, modelled

The Inflation Rort

A$11,061,643,835

MODELLED by THE RORT, not a measured or reported total. Input: A$42.5 billion (2026), Who rate rises helped [17]. Spread evenly at A$1,348 a second from 1 July 2026. Assumes the 2025-26 pace holds. RS-3

Fig. 02Source: APRA: A$42.5bn bank (ADI) profit after tax in the year to June 2026, up 7.5%. MODELLED by THE RORT: that year's total spread evenly from 1 July 2026. It is not a measured or reported total.As of 2026‑10‑04Hand-curated

Position in the case

Article 14 of 20 · the evidence chain

Contents

01What was paid and what was charged 02The savers who got little or none 03The savers who kept pace, on conditions 04Borrowers: the full advertised rise, in the month 05The first moves on the fourth rise 06How banks earn on deposits, in the Reserve Bank’s words 07History: 2022-23 and 2025 08The other side

Next in this rort · Article 15 / 20

What the Reserve Bank pays the banks

The whole case

All 20 articles in The Inflation Rort →

The actors named here

The RBA →The ACCC →Australian Banking Association →

From the desk

29 September 2027Review
Review: one year after publication
The authored watch rows suppress this article's yearly review cadence; this row replaces it.
Read the desk note
REVIEW 29 September 2027 (case: THE INFLATION RORT). Re-read this article against the record a year on: every figure taken from the Reserve Bank's Tables F4, F4.1, F5 and F6, the Macquarie and UBank rates, and every claim about the big four that was pending on 29 September 2026. NEXT DATE: none set.
15 October 2026Watch
Watch: Macquarie's rate changes take effect
Macquarie's variable home loan reference rates rise 0.25 points and its savings tiers rise 0.25, 0.05 and 1.85 points from this date.
Read the desk note
WATCH 15 October 2026 (case: THE INFLATION RORT). Macquarie's own page says its variable home loan reference rates rise 0.25 per cent a year from 15 October 2026, and its new ongoing savings rates, by balance, are 5.25 per cent up to $250,000 (from 5.00), 5.05 per cent from $250,000.01 to $2,000,000 (from 5.00) and 4.60 per cent above $2,000,000 (from 2.75): rises of 25, 5 and 185 basis points. Check any savings and term deposit changes the big four have made since 5.43 pm AEST on 30 September (their variable home loan rises, announced that day, take effect on 9 October), and Teachers Mutual Bank Limited's variable savings rise (1 October) and variable home loan rise (8 October). None of the tables yet includes the September rise; later releases of Tables F4, F4.1, F5 and F6 will show it. NEXT DATE: none dated for this article.
9 October 2026Watch
Watch: CBA, Westpac, NAB and ANZ variable rate rises take effect
The big four's variable home loan rises take effect as announced on 30 September; Westpac's Westpac Life bonus rate rises the same day.
Read the desk note
WATCH 9 October 2026 (case: THE INFLATION RORT). CBA, Westpac, NAB and ANZ each announced on 30 September a rise of 0.25 per cent a year in variable home loan rates, effective 9 October 2026 (their own pages and releases; CBA and ANZ say existing customers see the new rate from 10 October), and Westpac announced that its Westpac Life total variable rate with bonus interest rises 0.25 per cent a year to 5.25 per cent from the same date. Check: that each bank's own rate page shows the new rates in force; whether CBA, NAB, ANZ or Westpac (beyond Westpac Life) has announced a savings or term deposit change since 5.43 pm AEST on 30 September, and from what date; the Australian Banking Association's news page. NEXT DATE: 15 October 2026, Macquarie's rate changes take effect.
4 October 2026Record
Record: article 14 updated, 4 October 2026
One correction (Macquarie's June fixed-rate cuts) and two updates: card rates after August, and NAB's savings and term deposit position as at 14:23 AEDT on 4 October, with its fixed-rate rises.
Read the desk note
UPDATED 4 October 2026 (case: THE INFLATION RORT, article 14).
ARTICLE CHANGES. One correction and two updates, and one key fact added. Correction, in the section on the first moves on the fourth rise: the update of 30 September gave Macquarie's net fixed-rate rises since 13 August (0.30 to 0.50 points) without saying that Macquarie cut its one- to five-year fixed rates by 0.25 to 0.50 on 5 June; its rates on 30 September (unchanged on 3 October) are 0.05 above the pre-June levels at one and two years, level at three and four years and 0.10 below at five. Updates: in the section on borrowers, the card rates in the RBA's table run to 31 August, before NAB's rises from 1 October (20.99 to 22.49 per cent on its Low Fee, frequent flyer and Rewards cards, 13.49 to 13.99 on its Low Rate Card) and ANZ's from 28 September; in the section on the first moves, NAB's headline savings rates unchanged as at 14:23 AEDT on 4 October, its earlier 2026 pattern (savings rises on its home loan day, ten days after each decision), its September term deposit moves, CBA's 2 October savings announcement, ANZ's and UBank's positions, and NAB's two fixed-rate steps after its 22 July cuts, with a pointer to article 24. Twelve references added.
STILL OPEN. NAB's and ANZ's savings and term deposit decisions and dates (CBA's and Westpac's announced savings rises take effect 9 October); whether the ANZ Plus Growth Saver rise reported by Yahoo Finance is on ANZ's own pages; the day or days of Macquarie's September Digital Term Deposit and fixed rate rises, and whether its classic Term Deposit rose; the sizes of Macquarie's Business Savings and Cash Management changes; how much money sits in each deposit product (not published).
NEXT DATE: 9 October 2026, the big four's announced variable home loan rises take effect; re-read NAB's savings pages.
30 September 2026Record
Record: article 14 updated two times, 30 September 2026
Two dated entries, in time order: the correction and updates as at about 5.00 am; and the four major banks' own announcements of 30 September, as read between 5.40 pm and 5.43 pm AEST.
Read the desk note
UPDATED 30 September 2026, two entries (case: THE INFLATION RORT, article 14). The calendar keys one record to each article and date, so the day's entries are kept together here in time order, each as written; the NEXT DATE line of the last entry is the current one.
ENTRY 1 OF 2 (as at about 5.00 am AEST).
ARTICLE CHANGES. One correction and five updates. Correction: the line that a Macquarie saver with a balance from $250,000.01 to $2,000,000 gets 5 basis points, against the 25 borrowers get, was too broad. The 5 basis points is the Savings Account only; Macquarie's own release of 29 September raises its Transaction Account from 2.75 to 3.00 per cent (25 basis points) on every tier. The sidebar key fact and the record of 29 September were amended to match. Updates: the size of the Transaction Account change, now on Macquarie's own release; Macquarie's September Digital Term Deposit rises (5, 15, 15 and 20 basis points on 3, 6, 9 and 12 months between its pages of 1 and 21 September, after a 5 basis point cut in early August); its two September rises in fixed home loan rates for new loans (net 0.30 to 0.50 points since 13 August); Teachers Mutual Bank Limited's 0.25 per cent rises to variable savings from 1 October and variable home loans from 8 October; the four major banks' own pages as at about 5.00 am AEST on 30 September (none had announced a decision) and the Australian Banking Association's.
STILL OPEN. The big four's home loan, savings and term deposit decisions and dates; the day or days of Macquarie's September Digital Term Deposit and fixed rate rises, and whether its classic Term Deposit rose (not on the record); the sizes of Macquarie's Business Savings and Cash Management changes; how much money sits in each deposit product (not published).
NEXT DATE: 15 October 2026, Macquarie's rate changes take effect.
ENTRY 2 OF 2 (in the evening, from 5.40 pm AEST).
ARTICLE CHANGES. Two updates, in the section on the first moves on the fourth rise and in the closing section: the four major banks' own pages and releases, read between 5.40 pm and 5.43 pm AEST on 30 September. CBA, Westpac, NAB and ANZ each announced a rise of 0.25 per cent a year in variable home loan rates, effective 9 October 2026 (one day after Teachers Mutual Bank Limited's 8 October and six days before Macquarie's 15 October). On savings, the only change any of the four stated was Westpac's: its Westpac Life total variable rate with bonus interest rises 0.25 per cent a year to 5.25 per cent, effective 9 October. CBA's savings page (dated 29 September) still said it was reviewing its savings rates; NAB said it regularly reviews its savings and deposit rates; ANZ said it continues to review other interest rates. None of the four stated a term deposit change. The Australian Banking Association's news page carried nothing on the rise. The update of about 5.00 am stands as the record of that time.
WATCH ENTRIES. The 15 October watch was rewritten to move its check-since time to 5.43 pm AEST on 30 September and to note that the big four's variable home loan rises take effect on 9 October, and a new 9 October watch records those rises and Westpac Life's bonus rate rise taking effect.
STILL OPEN. CBA's, NAB's and ANZ's savings and term deposit decisions and dates, and Westpac's deposit products other than Westpac Life; the day or days of Macquarie's September Digital Term Deposit and fixed rate rises, and whether its classic Term Deposit rose (not on the record); the sizes of Macquarie's Business Savings and Cash Management changes; how much money sits in each deposit product (not published).
NEXT DATE: 9 October 2026, the big four's announced variable home loan rises (and Westpac Life's bonus rate rise) take effect.
29 September 2026Record
Record: article 14 published, 29 September 2026
Published the day the Reserve Bank raised the cash rate to 4.60 per cent: what the 2026 rises paid savers and charged borrowers, on the Bank's own tables.
Read the desk note
PUBLISHED 29 September 2026 (case: THE INFLATION RORT, article 14).
FINDING. On the Reserve Bank's own tables, the average rate paid on household deposits rose 0.7 points from December 2025 to July 2026 (2.8 to 3.5 per cent), the same as the average rate charged on outstanding owner-occupier variable loans (5.5 to 6.2 per cent), at one-decimal precision. But advertised transaction accounts ($5,000) paid 0.00 per cent in every month from November 2025 to August 2026, bank cash management accounts rose 0.30 points and one-month term deposits 0.20, while every advertised bank variable housing rate rose 0.75 points in the months of the three rises. Macquarie's own pages show its Savings Account rate for balances from $250,000.01 to $2,000,000 going from 5.00 to 5.05 per cent (5 basis points, THE RORT's difference) against 25 basis points on its variable home loan reference rates and on its Transaction Account, from 15 October 2026 (corrected 30 September 2026: the 5 basis points is the Savings Account only).
STILL OPEN. The big four's home loan, savings and term deposit decisions (none announced by 4.46 pm on 29 September, and none on the pages read at about 5.00 am AEST on 30 September); how much money sits in each deposit product (not published); and whether Macquarie, the big four or the Australian Banking Association respond.
NEXT DATE: 15 October 2026, Macquarie's rate changes take effect.

The desk record →

THE RORT STANDARD 1.0: published before 1.0, not yet reviewed

This piece was published before the standard took effect on 8 Oct 2026 and has not been reviewed against it. What follows is what its own data records, not a finding that it meets the standard.

RS-1 17 of 48 references are primary documents (Tier 1). Enforced on new pieces by the release gate (RS-1.1) and the desk record.

RS-2 48 references: resolves checked 1, exists confirmed 0, supports confirmed 0, the rest unchecked. Enforced on new pieces by the release gate (RS-2.1) and the desk record.

RS-3 Case counter: MODELLED by THE RORT (inputs on the counter). Enforced by the release gate (RS-3.1 to RS-3.4) and the desk record.

RS-4 Not graded: published before 1.0. Enforced on new pieces by the release gate (RS-4.1 to RS-4.2) and the desk record.

RS-5 Right of reply: not recorded for this article. Enforced on new pieces by the release gate (RS-5.1 to RS-5.8) and the desk record.

RS-6 Unnamed sources not yet declared (published before 1.0). Enforced on new pieces by the release gate (RS-6.1 to RS-6.2) and the desk record.

RS-7 Corrections: 30 Sep 2026, 4 Oct 2026. Enforced by the release gate (RS-7.1 to RS-7.2) and the desk record.

RS-8 None declared. Enforced by the release gate (RS-8.1) and the desk record.

RS-10 No desk sign-off: published before 1.0. Enforced on new pieces by the release gate (RS-10.1) and the desk record.

RS-11 Complaints: desk@therort.com.au. Factual errors: corrections@therort.com.au. Acknowledged within five business days. Enforced by the release gate (RS-11.1 to RS-11.4) and the desk record.

The standard in full · How corrections work

References & Sources48 sources · all linked

Evidence strength

Primary 17
Official 25
Trade 6

Primary: the document itself: legislation, a court record, a filing, a regulator’s own publication
Official: the organisation’s own statement about itself
Trade: specialist or trade press

How sources are graded

A check appears under a source only where one is on record: a machine test of whether the link loads, and, where the desk has made the call, whether the document exists and whether it carries the claim. Nothing is shown for a check that is not on record. What these checks mean

PrimaryReserve Bank of Australia: cash rate target history. https://www.rba.gov.au/statistics/cash-rate/. Fetched 29 September 2026, 14:37 AEST. Rows: 19 Feb 2025 -0.25 to 4.10; 21 May 2025 -0.25 to 3.85; 13 Aug 2025 -0.25 to 3.60; 4 Feb 2026 +0.25 to 3.85; 18 Mar 2026 +0.25 to 4.10; 6 May 2026 +0.25 to 4.35; 12 Aug 2026 0.00 4.35; 30 Sep 2026 +0.25 to 4.60. The table lists effective dates, with any change taking effect the day after the decision. The 2022-23 cycle: 0.10 to 4.35 through 13 rises, effective 4 May 2022 to 8 November 2023.
- Link loaded when machine-checked, 2026-08-16
PrimaryReserve Bank of Australia: Media Release 2026-27, 29 September 2026, 14:30 AEST. https://www.rba.gov.au/media-releases/2026/mr-26-27.html. “At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 4.60 per cent.” “Today’s policy decision was unanimous.”
PrimaryReserve Bank of Australia: Table F4.1, Paid deposit rates, published 7 September 2026. https://www.rba.gov.au/statistics/tables/csv/f4.1-data.csv. Weighted-average rate paid on all outstanding deposits (PDROT): 3.0 (31 December 2025) to 3.6 (31 July 2026). Households, outstanding (PDROH): 2.8 to 3.5; households, outstanding at-call (PDROAH): 2.5 to 3.2. All new term deposits (PDRNTT): 3.8 to 4.6; households’ new term deposits (PDRNTH): 3.7 to 4.8. The table is to one decimal place. The ratios and percentages are THE RORT’s calculation.
PrimaryReserve Bank of Australia: Table F6, Housing lending rates, published 7 September 2026. https://www.rba.gov.au/statistics/tables/csv/f6-data.csv. Outstanding, owner-occupied, variable-rate, all institutions (FLRHOOVA): 5.5 (31 December 2025) to 6.2 (31 July 2026). THE RORT’s differences with Table F4.1: December 2025, 5.5 minus 2.8 is 2.7 points; July 2026, 6.2 minus 3.5 is 2.7 points; against all deposits, 2.5 then 2.6. This compares one loan type with deposits and is not a bank margin; a change of up to about 0.1 to 0.2 points could be hidden by rounding.
PrimaryReserve Bank of Australia: Table F4, Retail deposit and investment rates, published 7 September 2026. https://www.rba.gov.au/statistics/tables/csv/f4-data.csv. Transaction account, $5,000 (FRDIRTAB5K): 0.00 in every month November 2025 to August 2026. Cash management, $10,000 (FRDIRSAC10K): 0.25 to 0.55; $50,000 (FRDIRSAC50K): 0.40 to 0.70. One-month term deposit (FRDIRBTD10K1M): 1.20 to 1.40; three-month (FRDIRBTD10K3M): 2.85 to 3.30; one-year (FRDIRBTD10K1Y): 3.75 to 4.95; three-year: 2.95 to 4.20. Bonus saver (FRDIRSAB10K): 4.00 (December 2025) to 4.80 (August 2026). Average, all term deposit terms, five largest banks (FRDIRBTD10KAR): 2.90 to 3.55. Table note: bonus accounts “pay a higher rate of interest if at least one deposit and no withdrawals are made each month”; the series is “an average of the five largest banks’ rates assuming these requirements are met”. Balances held in each product are not published. The ratios are THE RORT’s calculation.
PrimaryReserve Bank of Australia: Table F5, Indicator lending rates, published 7 September 2026. https://www.rba.gov.au/statistics/tables/csv/f5-data.csv. Standard variable owner-occupier (FILRHLBVS): 8.02 (31 December 2025) to 8.77 (31 August 2026); discounted, a professional-package rate (FILRHLBVD): 6.05 to 6.80; small business variable (FILRSBVRT and FILRSBVOO): 8.25 to 9.00 and 10.01 to 10.76; credit cards (FILRPLRCCS and FILRPLRCCL): 20.99 and 13.49 in every month November 2025 to August 2026. Three-year fixed owner-occupier (FILRHL3YF): 5.56 (30 November 2025), 5.77 (December), 5.99 (January), 6.24 (February), 6.39 (March), 6.73 (April, May), 6.74 (June to August).
PrimaryReserve Bank of Australia: Statement on Monetary Policy, August 2026, Financial conditions. https://www.rba.gov.au/publications/smp/2026/aug/financial-conditions.html. “Banks have passed on the three cash rate increases to deposit and lending rates.” “Variable mortgage rates increased by nearly 75 basis points between January and June.”
PrimaryReserve Bank of Australia: Bulletin, May 2026, “Developments in banks’ funding costs and lending rates” (Hutchinson, Manning, Searle), 28 May 2026. https://www.rba.gov.au/publications/bulletin/2026/may/developments-in-banks-funding-costs-and-lending-rates.html. “Deposit costs declined by less than the decline in the cash rate over 2025 and rose by less than the cash rate as it was increased in early 2026.” “We estimate that the spread between banks’ lending rates and funding costs has increased since early 2025 but remains well below its pre-pandemic levels.” Margins “stabilised in 2025 around historical lows”.
PrimaryAustralian Competition and Consumer Commission: Retail deposits inquiry, final report, 15 December 2023. https://www.accc.gov.au/system/files/Retail-deposits-inquiry-final-report.pdf. “There are 4 major banks and 6 mid-tier banks which supply 89% of retail deposits.” “71% of bonus interest accounts did not receive the bonus interest rate on average each month over the first 6 months of 2023.”
PrimaryReserve Bank of Australia: Statement on Monetary Policy, February 2026, Financial conditions, 3 February 2026. https://www.rba.gov.au/publications/smp/2026/feb/financial-conditions.html. “However, less than 5 per cent of new and outstanding mortgages are on fixed-rate terms.”
PrimaryReserve Bank of Australia: Statement on Monetary Policy, May 2026, Financial conditions (page metadata 1 May 2026). https://www.rba.gov.au/publications/smp/2026/may/financial-conditions.html. “Cash rate increases can take up to three months to flow through to minimum required variable-rate mortgage payments.”
OfficialMacquarie: Help, Viewing the RBA interest rate decision, fetched 16:39 AEST, 29 September 2026. https://www.macquarie.com.au/help/personal/home-loans/understanding-your-home-loan-interest-rates-and-fees/viewing-the-rba-interest-rate-decision.html. “Macquarie is increasing its variable home loan reference rates by 0.25% per annum, effective 15 October 2026.” Ongoing variable savings rate by balance: 5.25% p.a. up to $250,000; 5.05% p.a. $250,000.01 to $2,000,000; 4.60% p.a. $2,000,000.01 and above. “we will also be increasing the interest rates available across our Transaction, Savings, Business Savings and Cash Management accounts effective 15 October 2026.” “The Welcome rate offer is no longer available to savings accounts opened after 11:59pm AEST Monday 14 September 2026.” The page does not split owner-occupier and investor loans. Transaction Account rate listed at 3.00% on all tiers. The sizes of the changes to the Transaction, Business Savings, Cash Management and Welcome rates were not verified. No term deposit change on this page.
OfficialMacquarie: Savings account page, fetched 29 September 2026, still displaying the rates before 15 October. https://www.macquarie.com.au/everyday-banking/savings-account.html. Ongoing rates before the change: 5.00%, 5.00% and 2.75% for the three balance tiers. The differences (25, 5 and 185 basis points) are THE RORT’s calculation.
OfficialMacquarie: “Savers are back in the box seat as RBA lifts cash rate”, 3 February 2026. https://www.macquarie.com/au/en/about/news/2026/savers-are-back-in-the-box-seat-as-rba-lifts-cash-rate.html. “Macquarie will increase variable interest rates paid on its transaction and savings accounts by 0.25% p.a. from 20 February 2026.”
TradeSavings.com.au (Denise Raward): RBA savings accounts, 29 September 2026. https://www.savings.com.au/news/rba-savings-accounts-sept-2026. UBank Save account welcome bonus rate “6.10% p.a. (up 25 basis points from 5.85% p.a.)”; ongoing Save rate with bonus, up to $1 million, “5.35% p.a. (up 25 basis points from 5.10% p.a.)”; both effective 6 October 2026. Secondary source; UBank’s own page was not fetched.
TradeFinder: September 2026 savings account cash rate increase, 29 September 2026. https://www.finder.com.au/rba-cash-rate/sept-2026-savings-account-cash-rate-increase. UBank Save Account: 5.85% introductory rate (4 months) to 6.10%, effective 6 October 2026. Secondary source.
OfficialCBA, Westpac, NAB and ANZ rate announcement pages, each re-fetched between 16:44 and 16:46 AEST on 29 September 2026. https://www.commbank.com.au/news/rate-announcement.html; https://www.commbank.com.au/news/savings-rate-announcement.html; https://www.westpac.com.au/personal-banking/home-loans/manage-home-loan/latest-interest-rate-changes/; https://www.nab.com.au/news/interest-rates/change-to-nab-home-loan-rate; https://www.anz.com.au/personal/home-loans/interest-rates/rate-changes/. CBA (savings): “29 September 2026 Following The Reserve Bank of Australia’s (RBA) cash rate decision, we’re currently reviewing the interest rates for savings products.” Westpac: “As a result, our interest rates are currently under review.” ANZ: “ANZ is reviewing its home loan and residential investment loan interest rates accordingly and will provide any update here shortly.” Trackers (savings.com.au, https://www.savings.com.au/news/rba-rate-hike-sep-26; Finder) agreed the big four were pending.
PrimaryReserve Bank of Australia: Bulletin, April 2024, Box A, “Bank funding and the recent tightening of monetary policy”, 18 April 2024. https://www.rba.gov.au/publications/bulletin/2024/apr/bank-funding-and-the-recent-tightening-of-monetary-policy.html. “This ‘replicating portfolio’ of a rolling portfolio of receive-fixed, pay-floating interest rate swaps makes the effective interest rate associated with these deposits move with short-term market interest rates.” “changes in the cash rate have a relatively small effect on NIMs.”
PrimaryReserve Bank of Australia: Bulletin, April 2024 (as [18]); Statement on Monetary Policy, November 2023, Domestic financial conditions. https://www.rba.gov.au/publications/smp/2023/nov/domestic-financial-conditions.html. “the average interest rate on total deposits excluding offset accounts increased by 325 basis points over the hiking phase, around 75 per cent of the total increase in the cash rate.” “The average outstanding variable rate increased by around 70 basis points less than the cash rate between May 2022 and September 2023.” “the spread between lending rates and funding costs declined 60 basis points to around 190 basis points.” “Although major bank NIMs increased modestly in 2022, they have more recently declined below their pre-pandemic level.”
PrimaryReserve Bank of Australia: Statement on Monetary Policy, November 2025, Financial conditions. https://www.rba.gov.au/publications/smp/2025/nov/financial-conditions.html. “at-call deposit rates have declined by around 50 basis points since late 2024, while new term deposit rates have declined by around 75 basis points.” “Pass-through to average at-call deposit rates is typically less than 100 per cent because some deposit accounts have interest rates that do not move with the cash rate.”
PrimaryReserve Bank of Australia: Christopher Kent, Assistant Governor, speech, 11 October 2023. https://www.rba.gov.au/speeches/2023/sp-ag-2023-10-11.html. “When interest rates go up, households pay more on their debt and earn more on their savings. Because the cash-flow channel is so noticeable, and felt so keenly by borrowers, it gets a lot of attention.”
PrimaryReserve Bank of Australia: Bulletin, January 2025, “An update on the household cash flow channel of monetary policy” (Jennison and Miller), 30 January 2025. https://www.rba.gov.au/publications/bulletin/2025/jan/an-update-on-the-household-cash-flow-channel-of-monetary-policy.html. “For the median outright homeowner household, the size of this increase is only around one-third of the decrease in cash flows experienced by the median mortgagor household.” “Conversely, many older households own their homes outright (or have low outstanding mortgage balances) and have large deposit savings, meaning this group typically benefit from higher interest rates.”
OfficialKPMG Australia: media release on the major banks’ FY25 results, 10 November 2025. https://kpmg.com/au/en/media/media-releases/2025/11/australian-major-banks-post-steady-fy25-results.html. Net interest income up 5.9 per cent to $78.8 billion, “primarily due to higher earnings on capital and deposits replicating portfolios, partly offset by the impact of increased ongoing competition on deposit pricing and lending margins.”
OfficialMacquarie: “Macquarie Bank’s response to the RBA’s interest rate decision”, media release, 29 September 2026, fetched 05:01 AEST, 30 September 2026. https://www.macquarie.com/au/en/about/news/2026/macquarie-banks-response-to-the-rba-interest-rate-decision.html. “Macquarie will increase variable home loan reference rates by 0.25% p.a. effective from 15 October 2026. Macquarie will also increase the ongoing variable interest rates paid on its transaction and savings accounts from 15 October 2026.” Transaction Account, current then from 15 October 2026: “$0 - $250,000 2.75% p.a. 3.00% p.a. $250,000.01 - $2,000,000 2.75% p.a. 3.00% p.a. $2,000,000.01 and above 2.75% p.a. 3.00% p.a.” Savings Account, current then from 15 October 2026: “$0 - $250,000 5.00% p.a. 5.25% p.a. $250,000.01 - $2,000,000 5.00% p.a. 5.05% p.a. $2,000,000.01 and above 2.75% p.a. 4.60% p.a.” The differences (25 basis points on every Transaction Account tier; 25, 5 and 185 basis points on the Savings Account) are THE RORT’s calculation. The release prints only the Transaction and Savings tables, and the words “term deposit” and “fixed” do not appear in its text.
OfficialMacquarie: Term deposits page, Digital Term Deposit rates for deposits of $1 million or under, interest paid at maturity. Live page, fetched 05:17 AEST, 30 September 2026: https://www.macquarie.com.au/everyday-banking/term-deposits.html. “Interest rates for deposits of $1 million or under Term Interest paid at maturity 3 months 5.05% p.a. 6 months 5.20% p.a. 9 months 5.25% p.a. 1 year 5.35% p.a.” Digital Term Deposit: “Available for individual or joint accounts with a minimum investment of $25,000”. Web-archive capture of 1 September 2026, 14:15 AEST, fetched 05:36 AEST, 30 September 2026: https://web.archive.org/web/20260901041518id_/https://www.macquarie.com.au/everyday-banking/term-deposits.html. “3 months 5.00% p.a. 6 months 5.05% p.a. 9 months 5.10% p.a. 1 year 5.15% p.a.” Capture of 21 September 2026, 08:50 AEST, fetched 05:18 AEST, 30 September 2026: https://web.archive.org/web/20260920225041id_/https://www.macquarie.com.au/everyday-banking/term-deposits.html. “3 months 5.05% p.a. 6 months 5.20% p.a. 9 months 5.25% p.a. 1 year 5.35% p.a.” The web-archive index lists no capture between the two (searched 05:38 AEST), so the day of the rise is not on the record. The rises (5, 15, 15 and 20 basis points) are THE RORT’s arithmetic. The live tables were identical to the 21 September capture at 05:17 AEST on 30 September, and the page has no mention of the RBA or the cash rate. Verified for the Digital Term Deposit only.
Tradesavings.com.au (Denise Raward): “Macquarie nudges new digital term deposit rates lower”, published 5 August 2026, fetched 05:17 AEST, 30 September 2026. https://www.savings.com.au/news/macquarie-nudges-new-digital-term-deposit-rates-lower. “Five basis points has been trimmed from six-, nine- and 12-month rates”. Macquarie’s own term deposits page, web-archive capture of 1 August 2026, 12:37 AEST (fetched 05:24 AEST, 30 September 2026): https://web.archive.org/web/20260801023747id_/https://www.macquarie.com.au/everyday-banking/term-deposits.html. “3 months 5.00% p.a. 6 months 5.10% p.a. 9 months 5.15% p.a. 1 year 5.20% p.a.” Capture of 13 August 2026, 08:30 AEST (fetched 05:34 AEST): https://web.archive.org/web/20260812223019id_/https://www.macquarie.com.au/everyday-banking/term-deposits.html, showing the same $1 million or under rates as the 1 September capture. The cut falls between the two captures; the day is not on the record. The net change from 1 August to 30 September (3 months +5, 6 months +10, 9 months +10, 12 months +15 basis points) is THE RORT’s arithmetic.
OfficialMacquarie: Home loan rates page, owner-occupier principal and interest, fixed rates for loans up to 70% of the property value. Live page, fetched 05:01 AEST, 30 September 2026: https://www.macquarie.com.au/home-loans/home-loan-rates.html. “1 year fixed rate ° <= 70% 6.49% pa” “2 year fixed rate ° <= 70% 6.59% pa” “3 year fixed rate ° <= 70% 6.59% pa” “4 year fixed rate ° <= 70% 6.64% pa” “5 year fixed rate ° <= 70% 6.64% pa”; “Rates are for new loans and are subject to change.” Web-archive capture of 13 August 2026 (fetched 05:10 AEST, 30 September 2026): https://web.archive.org/web/20260813042020id_/https://www.macquarie.com.au/home-loans/home-loan-rates.html. “1 year fixed rate ° <= 70% 6.19% pa” “2 year fixed rate ° <= 70% 6.14% pa” “3 year fixed rate ° <= 70% 6.09% pa” “4 year fixed rate ° <= 70% 6.29% pa” “5 year fixed rate ° <= 70% 6.29% pa”. Capture of 13 September 2026 (fetched 05:08 AEST): https://web.archive.org/web/20260913015726id_/https://www.macquarie.com.au/home-loans/home-loan-rates.html, “1 year fixed rate ° <= 70% 6.39% pa” and “4 year fixed rate ° <= 70% 6.44% pa”. The net changes since 13 August (+0.30, +0.45, +0.50, +0.35 and +0.35 points) are THE RORT’s arithmetic; comparison rates are not quoted. Macquarie’s newsroom page, https://www.macquarie.com.au/newsroom.html (05:01 AEST), lists no release on either fixed-rate rise. Absence on that page at that time only.
TradeMedia reports of the dates of Macquarie’s two September fixed-rate rises (secondary; the sizes are from Macquarie’s own pages), all fetched 05:01 AEST, 30 September 2026. savings.com.au (Denise Raward), “Macquarie hikes fixed home loan rates”, published 8 September 2026: https://www.savings.com.au/news/macquarie-fixed-home-loan-rate-increase. “Australia’s fifth-largest home lender has lifted its fixed home loan rates by up to 30 basis points on Tuesday.” savings.com.au (Denise Raward), “Macquarie lifts fixed home loan rates - again”, published 24 September 2026: https://www.savings.com.au/news/macquarie-lifts-fixed-home-loan-rates-again. Brokernews (Mina Martin), 24 September 2026: https://www.brokernews.com.au/news/breaking-news/macquarie-fixed-rates-rise-again-as-18-lenders-reprice-in-september-290035.aspx. “Its 24 September increases of up to 0.20 percentage points follow a round of up to 0.30 percentage points on 8 September.”
OfficialTeachers Mutual Bank Limited: announcement of increased interest rates, news centre, dated 29 September 2026, fetched 04:59 AEST, 30 September 2026. https://www.tmbl.com.au/news-centre/teachers-mutual-bank-announces-increase-interest-rates. “Following the decision by the Reserve Bank of Australia to increase the official cash rate by 0.25% p.a., Teachers Mutual Bank Limited will increase interest rates by 0.25% p.a. across its variable home loan products, effective 8 October 2026 and variable savings products, effective Thursday, 1 October 2026.” “The increase to variable home loan and variable savings rates announced today will be applied across Teachers Mutual Bank Limited’s five retail brands - Teachers Mutual Bank, Australian Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank and UniBank.” Greg Johnson, Chief Customer Officer: “A large number of our members also have significant savings with the bank, and this rate change provides higher returns on the money they have worked hard to put aside.” “Repayments will change on or after 1 November 2026”; “for a $400,000 home loan over 25 years with an interest rate of 6.00%, an increase of 0.25% would result in an approximate increase of $62 per month” ($2,577 to $2,639 in the bank’s table; the figure was recomputed and holds). The bank states no rate levels.
OfficialThe four major banks’ own rate pages, fetched between 04:59 and 05:00 AEST on 30 September 2026. CBA home loans: https://www.commbank.com.au/news/rate-announcement.html, “5 May 2026 Following the Reserve Bank of Australia’s (RBA) cash rate decision, and after considering other relevant factors, we will increase our home loan variable interest rates by 0.25% p.a. effective Friday 15 May 2026.” CBA savings: https://www.commbank.com.au/news/savings-rate-announcement.html, “29 September 2026” “Following The Reserve Bank of Australia’s (RBA) cash rate decision, we’re currently reviewing the interest rates for savings products.” CBA home page: https://www.commbank.com.au/, an undated banner, “The Reserve Bank of Australia has increased the cash rate. We’re reviewing our rates and will share an update soon.” (seen 04:59 AEST, 30 September; when it first appeared is not known). Westpac: https://www.westpac.com.au/personal-banking/home-loans/manage-home-loan/latest-interest-rate-changes/, “Tuesday, 29th September 2026 announcement” “The Reserve Bank of Australia (RBA) has today announced an increase in the official cash rate. As a result, our interest rates are currently under review. We will announce any changes to our Home Loan variable rates on this page once a decision has been made.” NAB: https://www.nab.com.au/news/interest-rates/change-to-nab-home-loan-rate, newest dated rate entry “03 February 2026” (“NAB’s standard variable home loan interest rate will rise by 0.25% p.a. from 13 February 2026.”); https://www.nab.com.au/news, newest date 28 September 2026. ANZ: https://www.anz.com.au/personal/home-loans/interest-rates/rate-changes/, “29 September 2026” “The Reserve Bank of Australia has announced an increase to the cash rate of 0.25%. ANZ is reviewing its home loan and residential investment loan interest rates accordingly and will provide any update here shortly.” Absences are as at the fetch times only; term deposit pages were not re-read.
OfficialAustralian Banking Association: news page https://www.ausbanking.org.au/news/ and feed https://www.ausbanking.org.au/feed/, fetched 04:59 AEST, 30 September 2026. The newest item is “ABA CEO Simon Birmingham interview on ABC Sydney Drive with Thomas Oriti”, dated 21 September 2026; the home page text has no mention of the RBA, the cash rate or the Reserve Bank. Absence on these pages at that time only.
OfficialCommonwealth Bank of Australia (CBA): home loan rate announcement page, https://www.commbank.com.au/news/rate-announcement.html, dated 30 September 2026, fetched 17:40 AEST, 30 September 2026. “Following the Reserve Bank of Australia’s (RBA) cash rate decision, and after considering other relevant factors, we’re increasing our variable home loan interest rates by 0.25% p.a. effective Friday 9 October 2026. Existing home loan customers will be able to see their new interest rate from Saturday 10 October 2026 in the CommBank app and NetBank.” CBA newsroom, “CBA interest rate decision”, https://www.commbank.com.au/articles/newsroom/2026/09/CBA-interest-rates-september.html, dated 30 September 2026, fetched 17:43 AEST. “Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25% per annum (p.a.), CBA will increase home loan variable interest rates by 0.25% p.a.” “All CommBank home loan variable rate changes announced today will be effective 9 October 2026.” “CBA’s Group Executive Retail Banking, Angus Sullivan said the RBA’s decision comes amid persistent inflation and continued global uncertainty, both contributing to broader economic pressures.” CBA savings rate page, https://www.commbank.com.au/news/savings-rate-announcement.html, dated 29 September 2026, fetched 17:40 AEST. “Following The Reserve Bank of Australia’s (RBA) cash rate decision, we’re currently reviewing the interest rates for savings products.” The release states no savings or term deposit change and gives no dollar repayment figure.
OfficialWestpac: media release, “Westpac announces interest rate changes”, dated 30 September 2026, https://www.westpac.com.au/about-westpac/media/media-releases/2026/30-september/, fetched 17:40 AEST, 30 September 2026. “Following the Reserve Bank of Australia’s decision to increase the cash rate, Westpac has announced interest rate changes for home loan and deposit customers.” “Westpac will increase home loan variable interest rates by 0.25% p.a. for new and existing customers, effective 9 October.” “Westpac Life total variable rate with bonus interest will increase by 0.25% p.a. to 5.25% p.a., effective 9 October.” Footnote: “The standard variable bonus rate on Westpac Life will increase by 0.25% p.a.” “At the same time, higher interest rates on deposit accounts will be welcome news for customers looking to grow their savings,” Carolyn McCann, Westpac Chief Executive, Consumer, said. Westpac home loan page, https://www.westpac.com.au/personal-banking/home-loans/manage-home-loan/latest-interest-rate-changes/, fetched 17:40 AEST: “Wednesday, 30th September 2026 announcement”; “we have announced the following changes to our variable home loan interest rates effective Friday, 9th October 2026”; Owner Occupier Loan “+ 0.25% p.a.”, Investment Property Loan “+ 0.25% p.a.”. The release names no other savings or term deposit product.
OfficialNAB: news release, “NAB announces home loan interest rate changes”, headed “30 September”, and listed as 30 September 2026 in Related Articles on NAB’s older home loan rate page (below). https://www.nab.com.au/news/interest-rates/nab-announces-home-loan-interest-rate-changes. Fetched 17:40 AEST, 30 September 2026. “Following the Reserve Bank of Australia’s decision to increase the official cash rate by 0.25% per annum, NAB will increase its variable home loan interest rates by 0.25% p.a.” “The new rates will take effect from October 9.” “This change applies to NAB standard variable home loan rates.” “NAB also regularly reviews its savings and deposit rates.” The release quotes NAB Group Executive Personal Banking, Ana Marinkovic, and gives no dollar repayment figure. NAB’s older page, https://www.nab.com.au/news/interest-rates/change-to-nab-home-loan-rate, fetched 17:40 AEST, still showed “03 February 2026” and “NAB’s standard variable home loan interest rate will rise by 0.25% p.a. from 13 February 2026.”
OfficialANZ: media release, “ANZ changes variable home loan rates”, dated 30 September 2026, https://www.anz.com.au/newsroom/media/2026/september/anz-changes-variable-home-loan-rates/, fetched 17:40 AEST, 30 September 2026. “ANZ today announced it will increase interest rates for variable rate home loan customers following the Reserve Bank of Australia’s decision to increase the official cash rate yesterday.” “Variable interest rates across ANZ’s Australian home loans will increase by 0.25% p.a., effective 9 October 2026. ANZ continues to review other interest rates.” “A 0.25% p.a. increase to variable home loan rates will increase monthly repayments by approximately $79 on a variable home loan of $500,000 for an owner occupier loan with principal and interest repayments.” ANZ rate announcement page, https://www.anz.com.au/personal/home-loans/interest-rates/rate-changes/, dated 30 September 2026, fetched 17:40 AEST: “Effective 9 October 2026, ANZ will increase variable interest rates for home, residential investment and line of credit home loans by 0.25% p.a.” The page says it does not apply to ANZ Plus products, and defers to the ANZ Plus website for those.
OfficialAustralian Banking Association: news page https://www.ausbanking.org.au/news/ (the address https://www.ausbanking.org.au/media-releases/ redirects to it), fetched 17:40 AEST, 30 September 2026. The newest item is “Card surcharging to end from tomorrow”, dated 30 September 2026; the next is “ABA CEO Simon Birmingham interview on ABC Sydney Drive with Thomas Oriti”, dated 21 September 2026. No item on the Reserve Bank’s rise or on home loan rates. Absence on this page at that time only.
PrimaryReserve Bank of Australia: Table F5, indicator lending rates, https://www.rba.gov.au/statistics/tables/csv/f5-data.csv, fetched 15:01 AEDT, 4 October 2026: “Publication date 07-Sep-2026”; last row 31 August 2026, standard credit cards 20.99, low-rate credit cards 13.49; standard cards 20.99 in every month from January 2025. Notes, https://www.rba.gov.au/statistics/tables/xls/f05hist.xlsx?v=2026: “Data are compiled on the last working day of the month.” “‘Credit cards - Standard’ refers to standard Visa and MasterCard accounts with an interest-free period.” The series is an indicator across large lenders, not NAB’s own rate.
OfficialNAB: “Credit card changes from 1 October 2026”, https://www.nab.com.au/personal/credit-cards/card-updates, fetched 12:45 AEST, 3 October 2026, and 15:01 AEDT, 4 October 2026. “We’re making some changes to your NAB credit card, effective 1 October 2026.” “The variable purchase rate will increase from 20.99% p.a. to 22.49% p.a.” (under six card headings: Low Fee Card and Low Fee Platinum; Qantas Plus; Qantas Rewards Premium; Qantas Rewards Signature; Rewards Platinum; Rewards Signature). NAB Low Rate Card: “The variable purchase rate will increase from 13.49% p.a. to 13.99% p.a.” Those cards and the Low Rate Platinum: “The variable cash advance rate will increase from 21.74% p.a. to 22.99% p.a.” “Any change to your interest rates will apply from the opening date of your next statement after 1 October 2026. It will apply to the relevant parts of the outstanding balance that you owe”. “Most changes require us to give you at least 30 days’ notice, which we have done.” Rewards Signature: “The monthly card fee of $35 will be changing to an annual card fee of $395 p.a.” The page contains neither “surcharge” nor “interchange”.
OfficialANZ: credit card changes page, https://www.anz.com.au/personal/credit-cards/card-changes/, fetched 15:01 AEDT, 4 October 2026: “As of 28 September 2026, the standard Annual Percentage Interest Rate on Purchases, Cash Advances and standard Balance Transfers increased to the rates set out below:”, purchases 22.49% p.a.; the Low Rate card “has not changed and remains at 13.74% p.a.”
TradeCanstar (Laine Gordon), “ANZ, Macquarie go against the tide, cutting fixed rates: could we be at the peak?”, 5 June 2026, https://www.canstar.com.au/news/anz-macquarie-cutting-fixed-rates/, fetched 12:36 AEST, 3 October 2026: Macquarie “has also made sweeping cuts to its fixed rates today”; “Macquarie fixed rate cuts Term Old rate from New rate from Change %-pts 1-year 6.44% 6.19% -0.25 2-year 6.54% 6.14% -0.40 3-year 6.59% 6.09% -0.50 4-year 6.64% 6.29% -0.35 5-year 6.74% 6.29% -0.45”; “Rates based on owner-occupier fixed-rate loans. LVR requirements apply.” Macquarie home loan rates page, re-read at 12:35 AEST, 3 October 2026, https://www.macquarie.com.au/home-loans/home-loan-rates.html: “1 year fixed rate ° ≤ 70% 6.49% pa”; two to five years 6.59, 6.59, 6.64 and 6.64% pa, the same as on 30 September. The differences from the pre-June rates are THE RORT’s arithmetic.
OfficialNAB: savings accounts page, https://www.nab.com.au/personal/bank-accounts/savings-accounts, fetched 14:23 AEDT, 4 October 2026 (and 12:41 AEST, 3 October 2026, with the same figures). Reward Saver: “Earn an ongoing 0.01% p.a. variable base rate. When you qualify for the bonus rate, you’ll earn a total of 5.00% p.a.”; “You’ll earn the 4.99% p.a. variable bonus rate for the month”. iSaver: “Earn an introductory rate of 5.25% p.a for the first 4 months, then a standard variable rate of 1.65% p.a, even if you withdraw.” Deposit indicator rates, https://www.nab.com.au/personal/interest-rates-fees-and-charges/indicator-rates-deposit-products, same time: “This information was prepared on 25 September 2026”; “All rates are effective, 28 September 2026”; Reward Saver “Variable base rate 0.01% p.a. Variable bonus rate 4.99% p.a. Total interest rate 5.00% p.a.” NAB newsroom, https://www.nab.com.au/news, same time: the newest items are dated 30 September 2026, and none concerns savings or deposit rates. NAB interest-rates news index, https://news.nab.com.au/tag/interest-rates, same time: newest item dated 30 September 2026 (the home loan release), then 27 August 2026. As read at 14:23 AEDT on 4 October, none of these pages showed a savings or term deposit rate change after 29 September.
OfficialNAB savings rate history. Archived copies of NAB’s savings accounts page: 27 March 2026, https://web.archive.org/web/20260327050611id_/https://www.nab.com.au/personal/bank-accounts/savings-accounts, fetched 15:02 AEDT, 4 October 2026: “NAB will increase personal savings rates by up to 0.25% p.a., effective Friday 27 March 2026.” 22 May 2026, https://web.archive.org/web/20260522033308id_/https://www.nab.com.au/personal/bank-accounts/savings-accounts, fetched 14:41 AEDT, 4 October 2026: “NAB will increase personal savings rates by up to 0.35% p.a., effective Friday 15 May 2026.” Reward Saver: “the total rate will increase by 0.35% p.a. to 5.00% p.a.” 27 May, 11 July and 10 August 2026 (web-archive timestamps 20260527074905, 20260711153654 and 20260810105443 of the same page), fetched 14:43 to 14:45 AEDT, 4 October 2026: Reward Saver 5.00% (0.01% base plus 4.99% bonus) and iSaver 5.25% introductory then 1.65%. 17 September 2026, https://web.archive.org/web/20260917005335id_/https://www.nab.com.au/personal/bank-accounts/savings-accounts, fetched 13:06 AEST, 3 October 2026: every rate figure identical to 3 October. NAB news item dated 13 February 2026, https://www.nab.com.au/news/nab-updates/nab-increases-savings-rates, fetched 14:23 AEDT, 4 October 2026: “NAB will increase savings rates by up to 0.25% from Friday, February 13.” “The Total Reward Saver rate will increase by 0.25% p.a. to 4.40% p.a., comprising a variable base rate of 0.01% and the variable bonus rate which will increase by 0.25% to 4.39%”. NAB home loan releases, each fetched 14:23 AEDT, 4 October 2026: 3 February 2026, https://www.nab.com.au/news/interest-rates/change-to-nab-home-loan-rate: “NAB’s standard variable home loan interest rate will rise by 0.25% p.a. from 13 February 2026.”; 17 March 2026, https://www.nab.com.au/news/interest-rates/nab-announces-change-to-home-loan-interest-rates: “The changes will come into effect from Friday, 27 March 2026.”; 5 May 2026, https://www.nab.com.au/news/interest-rates/nab-announces-change-to-home-loan-interest-rates-2: “The new rates will take effect from May 15.” The 4.14 per cent bonus rate before February is THE RORT’s arithmetic (4.39 less 0.25); changes between archived copies cannot be ruled out.
OfficialNAB: term deposit indicator rates, https://www.nab.com.au/personal/interest-rates-fees-and-charges/indicator-rates-selected-term-deposit-products, fetched 12:41 AEST, 3 October 2026, and 14:23 AEDT, 4 October 2026: “Rates effective as of Monday, 28 September 2026.” “This information was prepared on 25 September 2026”; “All rates are effective, 28 September 2026”; “12 months Interest paid at maturity 5.30% p.a.”; “9 months Interest paid at maturity 3.80% p.a.” Archived copy of 1 September 2026, https://web.archive.org/web/20260901041347id_/https://www.nab.com.au/personal/interest-rates-fees-and-charges/indicator-rates-selected-term-deposit-products, fetched 12:58 AEST, 3 October 2026: “Rates effective as of Monday, 31 August 2026”; “9 months | Interest paid at maturity | 5.00% p.a.”; 12 months 5.15%. Archived copy of NAB’s term deposit page of 17 September 2026, https://web.archive.org/web/20260917001847id_/https://www.nab.com.au/personal/bank-accounts/nab-term-deposit, fetched 13:06 AEST, 3 October 2026: 9 months 3.70%, 12 months 5.20%. Savings.com.au, 14 September 2026, https://www.savings.com.au/news/westpac-nab-ing-lift-term-deposit-rates: “NAB also announced a significant 1.30% cut to its nine-month rate on Monday, now 3.70% p.a.”; Savings.com.au, 21 September 2026, https://www.savings.com.au/news/big-four-banks-play-tag-on-top-term-deposit-rates: “NAB raised its top term deposit rate to 5.30% p.a. on Monday morning”, both fetched 12:41 AEST, 3 October 2026.
OfficialCBA: savings rates announcement, https://www.commbank.com.au/news/savings-rate-announcement.html, fetched 14:23 AEDT, 4 October 2026: “Last updated: 2 October 2026 Savings rates announcement 2 October 2026 Following the RBA Cash rate decision, we will make a variety of increases across select savings products, effective 9 October 2026.” “The NetBank Saver standard variable rate for new and existing customers is increasing from 2.10% p.a. to 2.30% p.a.” “The NetBank Saver variable introductory rate 1 is increasing from 5.20% p.a. to 5.50% p.a.” (new customers; the fixed bonus margin rises from 3.10% to 3.20%); GoalSaver total variable rate with bonus interest “is increasing from 5.00% p.a. to 5.25% p.a.”
OfficialANZ: product rate feed, https://www.anz.com.au/productdata/productdata.asp?output=json&country=AU&section=PDA&subsection=, fetched 14:23 AEDT, 4 October 2026: “sectioneffectivedate”: “Thursday, 24 September 2026”, Online Saver 1.35%. ANZ Plus Growth Saver page, https://www.anz.com.au/personal/bank-accounts/savings-accounts/, same time: “ANZ Plus Growth Saver rate 5.10% p.a. (total rate of standard + bonus rate)”. ANZ Plus open-banking product record, https://cdr.apix.anz/cds-au/v1/banking/products/SAVING01 (an open-banking address; it answers only a request that names a Consumer Data Right version, so a browser opening it directly shows an error message), fetched 14:30 AEDT, 4 October 2026: variable 0.0010, bonus 0.0500, last updated 2026-05-14. ANZ media release, 30 September 2026, https://www.anz.com.au/newsroom/media/2026/september/anz-changes-variable-home-loan-rates/, fetched 14:37 AEDT, 4 October 2026: “ANZ continues to review other interest rates.” Yahoo Finance (NewsWire; Micallef and Fryer), published 6:31 pm AEST, 1 October 2026, https://au.finance.yahoo.com/news/first-major-lender-passes-rate-050843901.html, fetched 14:23 AEDT, 4 October 2026: “Almost immediately after the Reserve Bank’s announcement Macquarie Bank informed both savers and mortgage holders they would lift their rates.” “ANZ has announced it will increase the bonus rate on its Plus Growth Saver by 0.25 per cent from October 9.” (THE RORT did not find this on ANZ’s own pages.)
OfficialUbank pages, read in a browser between 1:55 pm and 1:56 pm AEDT, 4 October 2026. Savings account, https://www.ubank.com.au/banking/savings-account: “From 6 October 2026, our Everyday Bonus Rate will increase to 5.35% p.a. Customers receiving our Welcome Bonus Rate will earn 6.10% p.a. from that date.” (the page body still showed 5.85 and 5.10 per cent, “Rates shown current as at 12 May 2026”). Home loans, https://www.ubank.com.au/home-loans and https://www.ubank.com.au/home-loans/interest-rates-and-fees: “We’ll be increasing our Neat and Flex standard variable home loan rates by 0.25% p.a. effective from 8 October 2026.” Archived copy of the rates page, 30 September 2026, 8:55 am AEST, https://web.archive.org/web/20260929225503id_/https://www.ubank.com.au/home-loans/interest-rates-and-fees, fetched 13:52 AEDT, 4 October 2026: the same banner read “We’re currently reviewing the recent decision from the RBA. We’ll share updates very soon.”; page footer: “Products issued by Ubank, part of National Australia Bank Limited ABN 12 004 044 937”.
OfficialNAB: fixed rate home loan page, https://www.nab.com.au/personal/home-loans/nab-fixed-rate-home-loan, fetched 12:40 AEST, 3 October 2026, and re-read unchanged at 13:50 AEDT, 4 October 2026: “Information and rates are correct as at 2 October 2026 and are subject to change.” Owner-occupier principal and interest, every loan to value band to 80%, one to five years: 6.79, 6.81, 6.92, 6.92 and 6.94% p.a.; investor principal and interest 6.84, 6.89, 6.97, 6.97 and 6.99; owner-occupier and investor interest only 6.94, 6.99, 7.07, 7.07 and 7.09 (loan to value ratio 60% or less). Offer box: “This offer is for new owner occupier ... principal and interest home loans where the customer takes a 2 year fixed rate NAB Tailored Home Loan and has a deposit of 20% or more of the property value (Maximum permitted loan to value ratio of 80%).” The page describes “fixed interest rates that won’t change during the fixed term”. Web-archive copies of the same page: 15 September 2026, https://web.archive.org/web/20260915124521id_/https://www.nab.com.au/personal/home-loans/nab-fixed-rate-home-loan, fetched 12:57 AEST, 3 October 2026, stamped “correct as at 14 September 2026” (owner-occupier principal and interest 6.44, 6.34, 6.49, 6.49 and 6.49; owner-occupier interest only 6.79, 6.74, 6.89, 6.89, 6.89; investor interest only 6.64, 6.54, 6.69, 6.69, 6.69); 25 September 2026, https://web.archive.org/web/20260925123138id_/https://www.nab.com.au/personal/home-loans/nab-fixed-rate-home-loan, fetched 12:50 AEST, 3 October 2026, stamped “correct as at 23 September 2026” (owner-occupier principal and interest 6.59, 6.49, 6.64, 6.64 and 6.64). Every one of the page’s 80 fixed rates (four products, five terms, four loan to value bands) is 0.15 higher on the 25 September copy than on the 15 September copy, and the band above 80% sits 0.10 above the others on all three dates (THE RORT’s comparison). No archived copy exists between 25 September and 2 October.
TradeNAB’s 22 July fixed-rate cut. Savings.com.au, news article published 22 July 2026, https://www.savings.com.au/news/nab-cuts-fixed-home-loan-rates, fetched 12:28 AEST, 3 October 2026, and 13:52 AEDT, 4 October 2026: “a cut of 20 basis points” to “6.34% p.a.” (two-year owner-occupier); “The best new fixed rate for investors is 6.44% p.a.” (principal and interest, two years); “Investor fixed home loans for both P&I and interest-only (IO) repayments have been cut across the board by 15 basis points.” Canstar, news article of 22 July 2026, https://www.canstar.com.au/news/nab-cuts-fixed-rates-ahead-of-rba-august-decision/, fetched 12:28 AEST, 3 October 2026, and 13:52 AEDT, 4 October 2026, table: “1-year 6.49% 6.44% -0.05 / 2-year 6.54% 6.34% -0.20”. No source read shows NAB’s three- to five-year rates on 22 July.

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