Claims extracted
19
sentences that state something as happening or true
Uncertain
5%
1 of 19 hedged
("reportedly", "may", "according to")
Leaning
not political
takes no side on a contested political question
Publisher signals
67/100
ABC News (AU)'s corrections and
hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
1
Economy/Business
Same framing elsewhere
1
articles that frame the event the way this one does
In short:
Australia's big four banks have all lifted their interest rates on mortgages and savings accounts.
asserted
banks → lift → mortgages
They are responding to the RBA's decision to hike the cash rate to 4.85 per cent.
asserted
They → respond → cent
These rate rises will take effect from mid-November,
Australia's lenders will apply higher interest rates to variable mortgages in response to the Reserve Bank of Australia's (RBA) decision to hike the cash rate to an 18-year high of 4.85 per cent on Tuesday.
asserted
lenders → take → Tuesday
RBA governor Michele Bullock announced the cash rate was lifted to tackle persistent inflation in the Australian economy.
asserted
rate → announce → economy
"It is going to make people feel like it's a recession because they feel poorer.
asserted
they → go → ?
Their spending can't grow very quickly because their incomes aren't growing very quickly," Ms Bullock said.
asserted
Bullock → grow → ?
Set by the RBA, the cash rate is Australia's official interest rate charged on unsecured overnight loans between banks.
asserted
rate → Set → banks
Put simply, it is how much it costs banks to borrow from each other.
asserted
it → Put → other
When the RBA lifts the cash rate, it becomes more expensive for lenders to borrow from one another.
asserted
lenders → lift → one
Banks respond to RBA
Macquarie Bank was the first to respond, telling customers it would raise interest rates across its variable-rate home loan products by 0.25 per cent within an hour of the RBA announcement, saying customers had until November 19 before the higher rate kicked in.
asserted
rate → respond → November
The next day, the big four banks all announced they would lift interest rates on variable home loans by 0.25 per cent.
asserted
they → announce → cent
"A 0.25 per cent per annum 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 said in a statement.
asserted
ANZ → increase → statement
Westpac, NAB, ANZ and CBA will apply the new rate from November 13.
asserted
Westpac → apply → November
Westpac's chief executive, consumer, Carolyn McCann said the majority of its customers were ahead in mortgage repayments.
asserted
majority → say → repayments
In statements, all of the banks said customers under financial strain should contact their bank as soon as possible.
asserted
customers → say → bank
Boost for savers
Those with money in the right savings accounts will enjoy earning more interest when banks lift their rates in the middle of the month.
asserted
banks → enjoy → month
But as the ABC has revealed, banks have been slower to pass on rate rises to savers and often require customers to meet a number of conditions before they can "unlock" the highest rates on offer.
asserted
they → reveal → offer
Comparison site Canstar said if those conditions were not met, customers reverted to a base rate of around 0.10 per cent.
asserted
customers → say → cent
Not using the right account, missing monthly minimum deposits or not meeting withdrawal conditions on the account could cause the rate to plummet to the base rate.
uncertain
rate → use → rate
The Aporia
