This week, ANZ and NAB economists revised their cash rate forecasts to 4.10%.
This implies another three cash rate rises, of which ANZ thinks we'll arrive by May - so three straight months to the top.
"Nearly 70% of mortgage debt has already been impacted by higher variable rates, and to date there is little evidence of a material impact on overall spending," ANZ economists said.
"Persistence in inflation pressures suggests that the cash rate will remain in restrictive territory for some time. We do not expect the RBA to start easing until a 25bp cut in November 2024."
Rate hikes mean good news for savers, however, with a swathe of banks increasing rates in the past week, including: Macquarie, Bank Australia, People's Choice, Judo Bank, Suncorp, and a whole host of others.
According to InfoChoice's product database, there are now about 40 banks with 12-month rates of 4.00% p.a. or higher.
This includes the majors in CBA, Westpac, NAB, and ANZ.
For the purpose of brevity we'll be focusing a couple of market leaders.
Community First
The credit union bumped its rates up by 25 basis points, with the 12-month rate now 4.50% p.a. with interest paid at the end of term for customers with a minimum balance of $50,000.
This is the top 12-month term deposit in InfoChoice's database.
Judo Bank
The neobank also boosted rates by 25 basis points and now offers a 12-month rate of 4.45% p.a.
Interest is paid at end of term, and the minimum deposit is $1,000.
12-Month Term Deposit Leaderboard, 17 February
| Bank | % Rate Per Annum | Minimum Deposit |
| Community First | 4.50 | $50,000 |
| Judo | 4.45 | $1,000 |
| G&C Mutual | 4.35 | $1,000 |
| Gateway Bank | 4.35 | $1,000 |
| Credit Union SA | 4.30 | $5,000 |
| Rabobank | 4.30 | $1,000 |
Moody's praises Judo model
Moody's Investor Service released a report on Thursday, critical of the fintech industry as it comes to grips with rate rises.
It said interest rate rises have revealed a lot of weakness in the sector, with many brands focusing on a 'build now, profit later' approach.
Low interest rates over the past few years meant some were able to hide their unsustainable business models; it specifically noted the now-defunct neobank Xinja as an example.
"Fintech momentum has slowed along with funding challenges and banks have upped their game in response to the fintech threat," said Stephen Tu, Moody's Vice President and Senior Credit Officer.
"They have enhanced their digital offerings and expanded their capabilities organically, through partnerships or acquisitions.
"Moreover, they have access to stable deposit funding given their well-established brands and customer relationships."
"But while a large number of nascent fintechs with weaker business models will disappear, a handful will survive and prove truly disruptive over time.
In particular, fintechs that ... serve a niche segment, such as Australia's Judo Bank ... are performing surprisingly well."
Judo' niche is higher-margin business lending, and retail term deposits.
