The decision by three of the majors to move out of step with the Reserve Bank could mean the official cash rate will be kept on hold when the bank meets in February, according to CBA’s chief executive Ralph Norris.
Speaking to Sky News, Mr Norris said Westpac’s decision to raise rates by 20 basis points above the cash rate may prompt the Reserve Bank to keep interest rates on hold.
"I think given the fact that there have been interest rate increases over and above the (official cash rate) then I think it is a possibility that we might not see an increase in February," he said.
"I don't know whether they think that we're actually doing their work for them but I think they would obviously take into account the situation in regard to interest rates and current economic activity."
Following the Reserve Bank’s decision to raise the official cash rate by 25 basis points in December, CBA lifted its standard variable rate on home loans by 37 basis points, ANZ lifted its rate by 35 basis points while NAB matched the Reserve.