NAB Group Executive Ana Marinkovic acknowledged the strain that the recent rate hike would impose on households already grappling with February’s rate increase, rising inflation, and escalating petrol prices.

“We understand that another rate hike will pose challenges for many Australians, especially given the ongoing cost-of-living pressures,” Marinkovic stated.

She noted that while many customers had anticipated the increase and prepared accordingly, she admitted that “this won’t be the case for everyone.”

“We are committed to supporting our customers, and we encourage those with concerns to contact us as early as possible to explore available support options,” McCann advised.

Angus Sullivan, CBA Group Executive, also recognized the effects of interest rate changes on household budgets, acknowledging their role in influencing financial planning and management.

“We recognise interest rate changes can put additional pressure on household budgets and influence how people plan and manage their finances,” CBA group executive Angus Sullivan said.

“Customers who might be concerned about their repayments are encouraged to get in touch with us early. Our team is ready to provide support, guidance and access to a range of tools to help customers manage their finances,” he said.

The RBA made the decision for a second straight rate increase in a 5-4 vote. Bullock said there was “robust discussion” between members.

However, she insisted this was not about making the decision itself, but about whether this was the right time, as she said this was the only decision they could make to cut down on inflation.

“The direction wasn’t the issue,” she said.

“Higher petrol prices will add to inflation, but they’re not the reason for today’s decision … Inflation was already too high.”

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