Gee, imagine if they didn't cut the cash rate. This was one of the most hotly anticipated decisions in some time.
Bank economists and eggheads approached their forecasting with gusto, bluster, and confidence that this cut was all but signed, sealed delivered.
However, the RBA post-meeting statement reminded us that while inflation risks seem more balanced, there are still major uncertainties i.e. let's not get too ahead of ourselves.
Here are some of the most prominent banks' moves Last changes 22 May at 3pm.
Read what happened to home loans after February's cut.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
30 May |
25bps |
The cuts also apply to subsidiary Bankwest.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
3 June |
25bps |
The cuts also apply to subsidiaries BankSA, Bank of Melbourne, and St George.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
30 May |
25bps |
NAB put its hand up this time to be first to move after the RBA announcement, mere minutes after the call.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
30 May |
25bps |
The cuts will also apply to subsidiary Suncorp.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
2 June |
25bps |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
20 May |
25bps |
Athena continued its run of passing on the rate-cut in full on the same day as the announcement.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
2 June |
25bps |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
21 May |
6 June |
25bps |
ME Bank home loan customers will see cuts take effect from 7 June, while Virgin Money's rate cut applies from the 6th.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
21 May |
6 June |
25bps |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
21 May |
4 June |
25bps |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
21 May |
2 June |
25bps |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New and existing variable-rate customers |
20 May |
3 June |
25bps |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| Existing variable-rate customers |
22 May |
3 June |
25bps |
The brand's rate cut applies only to existing customers.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
23 May |
25bps |
Macquarie was the most prominent bank with the soonest effective date, just three days out from the announcement. This differs to the customary 10 days.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
30 May |
25bps |
NGM Group comprises of Hunter-based customer-owned banks Newcastle Permanent and Greater Bank.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
30 May |
25bps |
People First Bank comprises of both Heritage Bank and People's Choice after a merger in March 2023.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
1 June |
25bps |
Also applies to subsidiaries UniBank, Firefighters Mutual, and Health Professionals.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
22 May |
6 June |
25bps |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
21 May |
29 May |
25bps |
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
20 May |
20 May |
25bps |
Unloan was another institution to pass on the rate cut in full and immediately.
| Who's Affected |
Date Announced |
Date Applies |
Rate Cut |
| New & existing variable-rate customers |
21 May |
1 June |
25bps |
Harrison Astbury
Editor and Financial Analyst
Harrison is a Research Analyst and Editor at InfoChoice. He is also the Assistant Editor at sister comparison site Savings.com.au. Together with Dominic Beattie, he co-hosts the Savings Tip Jar podcast, interviewing guests from some of the most prominent financial institutions in Australia.
Prior to joining the InfoChoice Group in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.
