Banks cash in on RBA interest rate hikes as customers grapple with rising repayments

Bumper bank results reflect that rate rises have allowed lenders to charge borrowers more, while holding back increases for depositors

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Australia’s biggest banks didn’t just escape the cost-of-living crisis, they have profited wildly from it.

On Friday, ANZ unveiled a record six-month cash profit of $3.8bn, underpinned by a string of interest rate hikes, for the reporting period to the end of March. It represented a 23% lift from a year ago, a period which notably did not include any increases in the official cash rate.

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