Above the 0.25

On 30 September NAB announced that its variable home loan rates will rise by 0.25 per cent a year from Friday 9 October, after the Reserve Bank raised the cash rate by 25 basis points to 4.60 per cent on 29 September ¹². NAB’s release and customer notice state a 0.25 percentage point rise for its variable home loans. Neither states a larger rise for any home loan ¹.

Yahoo Finance reported on 2 October that NAB’s increases were “well above the standard 0.25 hike” ³. The increases in that report are NAB’s fixed rates, not its variable home loan rates. Between 14 September and 2 October NAB raised its owner-occupier principal-and-interest fixed rates by 0.35 to 0.47 percentage points, and investor fixed rates by 0.30 to 0.45, in two steps. Owner-occupier interest-only fixed rates rose 0.15 to 0.25 ⁴. From each customer’s first statement after 1 October its credit card purchase rates rise by 0.50 to 1.50 points, under changes that were public for its Rewards and frequent flyer cards by 28 July, two months before the September decision ⁵⁶. As at 14:23 AEDT on 4 October its headline savings rates had not moved ⁷. In each of the three earlier rises this year its savings rise took effect on its home loan day, ten days after the decision; this time that day is 9 October ⁸¹.

This article answers one question: is NAB taking more than the Reserve Bank’s 0.25, and is that a money grab? It sets out each NAB rate that moved and each that did not, tests the fixed rises against swap rates and government bond yields, sets NAB beside the other lenders, gives the strongest fair case on each side, and quotes NAB’s own words.

01The short answer

On variable home loans NAB is not taking more. Its rise is 0.25 points, the same size and on the same day, 9 October, as CBA, Westpac and ANZ ¹⁹. Every lender with a figure on Savings.com.au’s tracker (44) shows 25 basis points; 28 more were still listed as pending on 2 October ¹⁰.

On fixed rates for new loans, most of NAB’s rises were larger than 0.25 (owner-occupier principal and interest 0.35 to 0.47, investor 0.30 to 0.45); owner-occupier interest-only rose 0.15 to 0.25 ⁴. Setting them beside the 0.25 cash rate move compares different benchmarks: the Reserve Bank says new fixed mortgage rates follow “tenor-matched swap rates, which they typically reference” ¹¹. From NAB’s own repricing on 22 July, its owner-occupier fixed rises came to between about 8 basis points less and 11 basis points more than the rise in swap rates of the same term, depending on the term and on whether the 1 October swap figures are counted ¹². Against government bond yields, from start dates in mid-July to mid-August, NAB’s rises exceeded the yield rise by roughly 0 to 11 basis points ¹³. From other start dates the gap is wider: across start dates from 21 July to 31 August, the swap measure runs from about 14 basis points under to 23 over ¹². NAB’s second step, on 2 October, ran ahead of both benchmarks over the days between its two moves, from 23 September ¹². Between 13 August and 16 September those benchmarks rose; NAB’s one- and two-year rates on its page stamped 14 September were the same as after its 22 July cut ^1213414.

On credit cards NAB’s purchase rates rise by up to 1.50 points from each customer’s first statement after 1 October, under changes that were public for its Rewards and frequent flyer cards by 28 July, two months before the September decision ⁵⁶. THE RORT ran no cost test on card rates.

On savings NAB had not moved as at 14:23 AEDT on 4 October. Its headline savings rates were the same then as on 17 September ⁷⁸. In each of the three earlier rises this year, NAB’s savings rise took effect on the same day as its home loan rise, ten days after the Reserve Bank’s decision; this time that day is 9 October ⁸¹. Whether NAB will move by then is not known.

So does the evidence show a money grab? Not on variable home loans, where the rise is exactly the Reserve Bank’s. Not on fixed home loans either, on the tests THE RORT could run, though those tests do not show pure cost pass-through, and the size of normal noise in them has not been measured. The open point is savers. THE RORT will re-read NAB’s pages on 9 October. The record follows.

02What NAB raised, and when

NAB’s release of 30 September says: “NAB will increase its variable home loan interest rates by 0.25% p.a.” and “The new rates will take effect from October 9.” Its notes add: “This change applies to NAB standard variable home loan rates.” ¹ NAB’s indicator rate sheet, effective 2 October, gives the label “Standard Variable Rate” to one row, its Tailored variable owner-occupier principal and interest indicator rate of 8.77 per cent ¹⁵. None of the NAB pages THE RORT read says in terms which other variable home loans move, or whether new and existing borrowers are treated alike; that is question 8 below.

NAB moved its fixed rates twice. An archived copy of NAB’s fixed-rate page from 15 September 2026 still showed the old rates, stamped “as at 14 September 2026”. An archived copy from 25 September showed rates 0.15 higher, stamped “as at 23 September 2026” ⁴. The rise was exactly 0.15 on all 80 fixed rates on the page: owner-occupier and investor loans, principal and interest and interest only, one to five years, in four loan to value bands ⁴. Savings.com.au reported it on 17 September ¹⁶. NAB has not stated the date it took effect. It came before the Reserve Bank’s decision of 29 September.

The second step took effect on Friday 2 October; NAB’s page says its information and rates “are correct as at 2 October 2026” ⁴. For owner-occupiers paying principal and interest with a loan to value ratio of 80 per cent or less, it added 0.20 points at one year, 0.32 at two years, 0.28 at three and four years and 0.30 at five years ⁴. It came three days after the Reserve Bank’s decision and one week before NAB’s variable rise ⁴¹⁷.

Those owner-occupier rates went from 6.44, 6.34, 6.49, 6.49 and 6.49 per cent (one to five years) on the page stamped 14 September, to 6.59, 6.49, 6.64, 6.64 and 6.64 on the page stamped 23 September, to 6.79, 6.81, 6.92, 6.92 and 6.94 from 2 October ⁴. NAB’s lowest two-year rate rose 0.47 points, from 6.34 to 6.81 per cent, which Canstar’s Sally Tindall put as “0.47 in just over two weeks” ⁴³. Rates for loans above 80 per cent of the property’s value sit 0.10 higher and moved by the same amounts ⁴.

Across products, between 14 September and 2 October NAB raised its owner-occupier principal-and-interest fixed rates by 0.35 to 0.47 percentage points, and investor fixed rates by 0.30 to 0.45, in two steps. Owner-occupier interest-only fixed rates rose 0.15 to 0.25. The RBA’s cash rate rose 0.25 ⁴. The interest-only line rose least. On 14 September NAB’s owner-occupier interest-only rates sat 0.15 to 0.20 points above its investor interest-only rates; after 2 October the two are equal, at 6.94, 6.99, 7.07, 7.07 and 7.09 per cent ⁴.

The 0.47 has a history. On 22 July NAB cut its one-year owner-occupier fixed rate by 0.05 points, from 6.49 to 6.44 per cent, and its two-year rate by 0.20, from 6.54 to 6.34 ¹⁴. The same day it cut its investor fixed rates, principal and interest and interest only, by 0.15 points across the board, on Savings.com.au’s report ¹⁴. At 6.81 per cent the two-year owner-occupier rate is now 0.27 above its pre-cut 6.54 per cent, while the two-year government bond yield rose about 40 basis points from 21 July (4.539) to 30 September (4.942) ¹⁴¹³. On 14 September NAB’s page showed 6.49 per cent at three, four and five years; no source THE RORT read shows those three rates on 22 July ⁴¹⁴.

One kind of NAB variable rate does rise by more than 0.25: its credit card rates. Its page “Credit card changes from 1 October 2026” says “The variable purchase rate will increase from 20.99% p.a. to 22.49% p.a.” on its Low Fee, frequent flyer and Rewards cards, and from 13.49 to 13.99 per cent on its Low Rate Card; cash advance rates rise from 21.74 to 22.99 per cent ⁵. The section on cards below sets out when those changes became public and what other banks did.

THE RORT found no NAB statement of a change to its business, overdraft or personal loan variable rates after the decision. NAB’s business indicator rates are stamped effective 28 September and show no change ¹⁸. NAB published separate business-loan releases for two of its three 2025 cuts; its interest-rates news index shows none for 2026, including the September rise ¹⁹¹⁸. Whether those rates will move is not known.

Ubank has made its own announcement. Ubank, whose products are issued by “Ubank, part of National Australia Bank Limited”, says on its home loan pages: “We’ll be increasing our Neat and Flex standard variable home loan rates by 0.25% p.a. effective from 8 October 2026.” On the morning of 30 September the same banner had said it was “currently reviewing the recent decision from the RBA” ²⁰.

03Who pays the new fixed rates

The fixed rates that rose are NAB’s advertised rates for new loans. NAB’s offer box says “This offer is for new owner occupier ... principal and interest home loans”, and its rate page says the rates shown are “NAB’s current fixed and variable home loan interest rates for new loans” ⁴²¹.

Borrowers already part-way through a fixed term are not affected. NAB’s general terms say: “Any rise in interest rates won’t be passed onto you while your rate is fixed” ²².

When a fixed term ends, the loan rolls onto a variable rate unless the borrower re-fixes: “When your fixed rate period ends, your home loan will automatically roll onto a variable rate, unless you arrange to re-fix your loan before your fixed rate expires.” NAB says it sends a reminder letter about a month before, with the new rate ²². A borrower who re-fixes pays, in the words of NAB’s terms, “our applicable advertised fixed indicator rate that’s published on the day the fixed rate period begins”, after which NAB will “apply any applicable margins outlined in your Offer Letter” ²². None of the NAB pages THE RORT read defines that indicator rate or says whether it equals the new-loan rates on its fixed-rate page; that is question 2 below. NAB’s Rate Lock is not available when “Rolling from an existing fixed rate term on to a new fixed rate term” ²². The terms quoted are the edition on NAB’s site on 4 October, dated 2024 ²².

Few new borrowers fix. Australian Broker reported on 17 September that “CBA’s full-year results show just 7% of new lending in the six months to June 2026 went to fixed-rate products” ²³. That is one bank’s new lending over six months, a different measure from the Reserve Bank’s market-wide figure for new and outstanding mortgages quoted in THE RORT’s The savers’ share. THE RORT has not reconciled the two, and neither counts the households paying NAB’s new fixed rates.

04What the rise costs, on one loan

An example, on THE RORT’s arithmetic. It is one hypothetical loan, not a household’s budget: a new $600,000 owner-occupier loan over 30 years, principal and interest, fixed for two years at NAB’s lowest two-year rate.

At 6.34 per cent, the rate on NAB’s page stamped 14 September, the monthly repayment is $3,729.50. At 6.49 per cent, after the first step, it is $3,788.46. At 6.81 per cent, from 2 October, it is $3,915.55: $186.05 a month more than at 6.34 per cent ⁴.

Had NAB’s two-year rate risen by the Reserve Bank’s 0.25 alone, from 6.34 to 6.59 per cent, the repayment would be $3,827.99; at 6.81 per cent it is $87.56 a month more than that. Measured instead from NAB’s two-year rate before its July cut, 6.54 per cent, the repayment would have been $3,808.21, and the rise from there to 6.81 per cent is $107.34 a month ¹⁴.

Method: the standard repayment formula for a loan repaid in equal monthly instalments, at one-twelfth of the annual rate, over 360 payments, rounded to the cent. NAB says its fixed rates “won’t change during the fixed term”, so each repayment holds for the two years ⁴. Canstar’s figures in THE RORT’s Who pays for the rises are for a different loan, a variable one with 25 years left.

05Why fixed rates need a different test

NAB says its variable rates “change due to the many factors that impact our cost of funds. One of those factors is the official cash rate, which is set by the RBA.” ²⁴ A fixed rate locks in a price for one to five years. The Reserve Bank’s May 2026 Bulletin says new fixed mortgage rates declined through most of 2025 and began to increase around the end of 2025, “following movements in tenor-matched swap rates, which they typically reference” ¹¹. THE RORT also uses government bond yields of the same term, as a proxy. Comparing NAB’s fixed rises with the 0.25 cash rate move compares different benchmarks.

Those market rates rose before the Reserve Bank moved. Between 13 August and 30 September, the two-year yield rose 41 basis points while the cash rate stayed at 4.35 per cent until 30 September, as markets moved toward a September hike and amid a global bond sell-off ¹³²⁵. On 30 September the ABC reported that “The Australian government’s long-term borrowing rate has risen to its highest level in 15 years” and that “The US government’s 10-year bond yield has jumped to its highest level since the global financial crisis” ²⁵. The Reserve Bank’s statement of 29 September said “global energy prices are now much higher than had been assumed in the August forecasts” ².

What markets expected moved too. The RBA’s August Statement said markets were pricing about a 50 per cent chance of a rate rise by year end; its data cut-off was 5 August ²⁶. On 17 September Savings.com.au reported markets pricing “a 76% chance” of a September rise ¹⁶. NAB’s own economists had moved on 27 August to expect one: “NAB now expects the RBA to increase the cash rate by 25bp in September to 4.6%.” ¹⁹ Westpac’s chief economist, Luci Ellis, called it “quite the turnaround from the 11 August meeting, where an extended period on hold looked to be the base case” ²⁵.

After the decision, the odds of another rise fell. On 30 September the ABC reported that “money markets predict only a 20% chance of a November hike” ²⁵. As at 1 October 2026, Westpac and ANZ forecast a November hike and CBA and NAB a hold (MPA) ²⁷. NAB lifted its fixed rates again on 2 October. Canstar’s Tindall read the move as “suggesting the bank is now factoring in yet another rate hike in the months ahead” ³. A fixed rate for one to five years prices the path of rates over those years, not one meeting, so neither the market odds nor the forecasts settle what a five-year rate should be.

NAB’s own stated reason, given to the ABC on 2 October: “Fixed home loan rates are influenced by a range of factors, including wholesale funding costs and market conditions. Like other lenders, NAB regularly reviews its pricing and adjusts rates when required.” ²⁸ NAB’s interest-rates news index carries no fixed-rate release between 1 September and 4 October ¹⁹.

06The funding test

THE RORT tested NAB’s owner-occupier fixed rises against two benchmarks: swap rates of the same term, which the Reserve Bank says fixed rates reference, and Commonwealth government bond yields from the Reserve Bank’s own tables, as a proxy ¹¹¹³¹². Neither is what NAB itself pays for funds. Both are market rates at one time of day, and NAB has not said which day it priced on. The four- and five-year swap rates are published daily by BlueGamma; the one- to three-year figures are THE RORT’s estimates, interpolated between the published six-month and four-year rates ¹². Changes in the constructed one- to three-year rates match published series within about 3 basis points over windows of several weeks, but can miss by up to 7 basis points over a single week ¹². BlueGamma’s six-month series is identical to the ASX BBSW six-month fixing on every day checked (18 September to 1 October), so its dates are correct. The four- and five-year series carry the same 17:00 Sydney timestamps, but their date alignment was not tested directly ¹².

Over the whole period, the answer depends on the start date. From NAB’s 22 July repricing, NAB’s owner-occupier fixed rises minus the moves in matched-term swap rates come to between 8 basis points under and 5 over, by term, if the 1 October swap level is counted, and between 1 and 11 basis points over if the window ends on 30 September. Across start dates from 21 July to 31 August the figure ranges from about 14 basis points under to 23 over, so the answer depends heavily on the start date ¹². NAB’s three- to five-year rates on 22 July are worked back from later pages, not shown in any source.

Against government bond yields the picture is similar. Measured from mid-July to mid-August start dates, NAB’s cumulative fixed rises exceeded the rise in matched-term government bond yields by roughly 0 to 11 basis points, depending on term and start date ¹³. Ending both series on 30 September, the swap benchmark gives results close to the bond benchmark: at five years, 7 basis points over against 8, from 22 July. Counting the uncorroborated 1 October swap jump turns the three- to five-year result negative ¹²¹³. On 1 October BlueGamma’s five-year swap rate rose 13 basis points in a day, to 5.36 per cent. THE RORT found no independent source to confirm that move, and no swap data at all for 2 October, the day NAB’s rise took effect ¹².

Step by step, NAB lagged and then moved ahead. Between 13 August and 16 September matched swap rates rose about 27 to 51 basis points, and two-, three- and five-year government bond yields 46 to 49 ¹²¹³. NAB’s one- and two-year rates on its page stamped 14 September were the same as after its 22 July cut; whether any of its rates moved between those dates is not on the record ⁴¹⁴. Over 14 to 23 September, a window that spans the 15 September peak, matched swaps were net 5 basis points down to 5 up, while NAB added 0.15 on every term ¹²⁴.

Then the second step. Between NAB’s two moves, yields ended lower (30 September was 2 to 7 basis points below 16 September), but they did not fall steadily: the two-year traded above its 16 September level on 24, 25 and 28 September (5.029, 5.018, 5.057 against 5.000) before falling on 29 and 30 September ¹³. Measured from 23 September, the date on NAB’s page after its first step, to the day before NAB acted (swap rates to 1 October, bond yields to 30 September, the last day in the Reserve Bank’s table), NAB’s second step ran ahead of matched swap rates by about 15 to 25 basis points and of government bond yields by about 28 to 33 ¹²¹³. On 1 October the four- and five-year swap rates (5.33, 5.36) were within 3 basis points of their 15 September peak (5.36, 5.38), and the constructed two-year was about 4 basis points above its 15 September level ¹². Whether NAB priced off mid-September levels is not known.

Bond yields after 30 September come from a different source. On Trading Economics’ quotes the three-year yield was about 4.98 on 1 October and 4.88 on 2 October. Against the RBA’s 4.922 on 30 September, pricing off the 1 October close would make NAB’s second rise look about 6 basis points smaller against funding, and pricing off the 2 October close about 4 basis points larger; the sources differ, so these are indicative only ²⁹¹³. Trading Economics’ figures for 2 October are internally inconsistent for the two-year (4.83 in its summary, 4.92 in its quote table) ²⁹.

Another view is the gap between NAB’s fixed rate and the government bond yield of the same term. It is not NAB’s profit margin: a government bond yield is what the Commonwealth pays to borrow, not what NAB pays. NAB’s two-year rate sat 181 basis points above the two-year yield on 13 August, if NAB’s rates were unchanged from 22 July to 17 September; 134 on 16 September, at the rates on NAB’s page stamped 14 September; and 187 after 2 October, at 30 September yields ⁴¹³. At three and five years the gaps after 2 October are 200 and 196, against 198.5 and 191 on 13 August on the same condition ¹³.

By product, on THE RORT’s arithmetic from the Reserve Bank’s zero-coupon yields for 13 August to 30 September (one year up 34 basis points, two years 40, three years 41, five years 39) ¹³: owner-occupier principal-and-interest rates rose 1, 7, 2 and 6 basis points more than those yields at one, two, three and five years; investor rates rose 4 basis points less, 5 more, 3 less and 1 more; owner-occupier interest-only rates rose 19, 15, 23 and 19 basis points less. All three rest on NAB’s rates being unchanged from 13 August to 14 September, and 13 August was a low point for yields, which makes NAB’s rises look smaller against them on this start date. Against swap rates, NAB’s investor two-year rate rose 3 to 4 basis points more than the matched swap rate from a 22 July or 13 August start ¹²¹⁴. From the two-year rate’s level before the July cut, NAB’s rise is 0.27 against about 0.40 in the two-year yield: about 13 basis points less ¹⁴¹³.

Whether any of these gaps is bigger than the normal noise in such a test has not been measured. THE RORT’s reading of the figures is in the verdict below.

07NAB beside the other lenders

On variable rates the market moved together. CBA, Westpac, ANZ and NAB each announced 0.25 from 9 October, and Macquarie 0.25 from 15 October ⁹. Finder’s tracker, updated 30 September, listed 46 lenders, all at 25 basis points ¹⁰. Among the lenders THE RORT checked, one went below: Granite will pass on only part of the rise to new loans (Australian Broker, 2 October); the effective date of the rate change was not stated ¹⁰. Another went above, on a product no longer sold: Bendigo’s Home Equity Line of Credit, up 0.50 ¹⁰.

On fixed rates NAB was not alone and not the biggest mover. Westpac lifted its lowest owner-occupier fixed rates by up to 0.45 points on 18 September, and CBA by up to 0.48 on 22 September, each in a single step ³⁰³¹. NAB’s largest cumulative rise across its two moves (0.47, two-year) is just below CBA’s largest single rise (up to 0.48) and just above Westpac’s (up to 0.45), per Canstar figures quoted by Yahoo Finance ³. ANZ raised by up to 0.20, with its two-year rate up 0.20 to 6.49 per cent ²³.

It was a market-wide move. By 24 September Canstar counted 18 lenders that had raised at least one fixed term in September ³². In the week to 29 September thirteen lenders lifted 312 fixed home loan rates by an average of 0.26 points, Australian Broker reported, in what Canstar’s Sally Tindall described as a sharp reversal ³³.

Macquarie raised its fixed rates twice in September, by up to 0.30 in a rise media reports date to 8 September and up to 0.20 in a rise reported on 24 September ³⁴³². Those rises mostly reversed cuts it made on 5 June, when Canstar reported cuts of 0.25 to 0.50 points across its one- to five-year rates. Its rates on 3 October were 0.05 points above its pre-June levels at one and two years, level at three and four years and 0.10 below at five ³⁴.

Where the big four and Macquarie stood on 3 October, lowest owner-occupier principal-and-interest fixed rates, one to five years, from each bank’s own page or open-banking product data (their bases differ, as the reference notes): NAB 6.79, 6.81, 6.92, 6.92 and 6.94 per cent; CBA 6.78, 6.82, 6.89, 6.89 and 6.94; Westpac 6.74, 6.74, 6.94, 7.09 and 7.14; ANZ 6.49, 6.49, 6.64, 6.64 and 6.69; Macquarie 6.49, 6.59, 6.59, 6.64 and 6.64 ³⁵³⁴. After its second step NAB sits at about CBA’s levels: 0.01 above at one year, 0.01 below at two, 0.03 above at three and four, and level at five. On those figures, whose bases differ, NAB’s 6.79 per cent was the highest one-year rate of the big four on 3 October, 0.01 above CBA’s package rate ³⁵.

As at 3 October NAB was the only big four bank to have moved its fixed rates after the decision; CBA’s, Westpac’s and ANZ’s own product data still showed their pre-decision levels ¹⁷³⁵. Yahoo Finance reported that NAB was “the only big four bank to have raised its rates twice in just over two weeks” ³.

The Nightly (24 September) reports sector-wide margin pressure; the same piece reports brokers rate CBA and NAB the least competitive majors on home loan pricing ³⁶.

08Savers: what NAB has and has not moved

As at 14:23 AEDT on Sunday 4 October, NAB’s savings page, deposit rate schedule (effective 28 September), term deposit pages, newsroom and interest-rates news index showed no savings or term deposit rate change after the RBA’s 29 September decision ⁷³⁷¹⁹.

Its headline rates: the Reward Saver pays “a total of 5.00% p.a.”, made of “an ongoing 0.01% p.a. variable base rate” and a 4.99 per cent bonus paid in months when the customer qualifies; the iSaver pays “an introductory rate of 5.25% p.a for the first 4 months, then a standard variable rate of 1.65% p.a” ⁷. NAB’s headline savings rates (Reward Saver 5.00%, iSaver 5.25% introductory then 1.65%) were the same at 12:41 AEST on 3 October as on 17 September, after the RBA’s 0.25 rise and NAB’s announced 0.25 home loan rise ⁷⁸. They were the same again at 14:23 AEDT on 4 October ⁷. Archived copies show the same figures on 22 and 27 May, 11 July and 10 August; changes between those copies cannot be ruled out ⁸.

The Reward Saver’s 5.00 per cent total is above the 4.60 per cent cash rate, but all of it except 0.01 points is the conditional bonus ⁷². The ACCC found in 2023 that on average 71 per cent of bonus interest accounts did not receive bonus interest in any given month; that is a 2023 finding across the market, not a figure for NAB in 2026 ³⁸.

NAB raised savings rates after each of the three earlier rises this year: the Reward Saver by 0.25 points from 13 February and from 27 March, and by 0.35 from 15 May, to 5.00 per cent ⁸. Each time, the savings rise took effect on the same day as NAB’s home loan rise, ten days after the Reserve Bank’s decision ⁸. This time the home loan rise takes effect on Friday 9 October, the tenth day; 4 October is the fifth ¹. NAB’s own news item on the February savings rise is dated 13 February, the day the rise took effect; no earlier NAB notice was found. In March NAB’s savings notice came between 2 and 10 days after the decision (Canstar still reported silence on 18 March; the rise took effect 27 March); in May between 6 and 10 days after (Canstar reported “under review” on 11 May; the rise took effect 15 May) ⁸³⁹. Whether NAB will change its savings rates by 9 October, or at all, is not known; its release says only that “NAB also regularly reviews its savings and deposit rates” ¹.

Across the four 2026 rises the cash rate is up 1.00 point; as at 14:23 AEDT on 4 October, five days after the fourth decision, NAB’s Reward Saver bonus rate is up 0.85, all of it from the first three rises, which totalled 0.75; its unconditional base rate is unchanged at 0.01%, and the iSaver standard rate is up 0.40 ⁸⁴⁰. The bonus rate’s starting level, 4.14 per cent, is worked back from NAB’s February notice ⁸.

On term deposits NAB moved before the decision, in both directions. Between NAB’s 31 August and 28 September rate schedules, NAB raised its 7, 8, 10, 11 and 12 month term deposit rates by 0.05 to 0.15 points (12 months 5.15% to 5.30%), cut its 9 month rate from 5.00% to 3.80%, and left 30 day to 6 month and 24 to 60 month rates unchanged ³⁷. NAB cut its 9-month term deposit from 5.00% to 3.70% in the first half of September and set it at 3.80% in its 28 September schedule, both before the RBA decision ³⁷. Whether the 12-month rate of 5.30 per cent took effect on 21 or 28 September is not on the record ³⁷.

Other banks’ savers, as at 4 October. Westpac announced on 30 September that its Westpac Life rate with bonus interest rises 0.25 points to 5.25 per cent from 9 October ⁴¹. CBA announced on 2 October “a variety of increases across select savings products, effective 9 October 2026”, including its NetBank Saver standard rate from 2.10 to 2.30 per cent for new and existing customers and its GoalSaver rate with bonus from 5.00 to 5.25 per cent ⁴². Macquarie told savers on the day of the decision, 29 September (NewsWire report), that its savings rates rise from 15 October ⁴³⁴⁴. ANZ’s own pages and product data showed no savings rate change; Yahoo Finance reported on 1 October that ANZ will raise the bonus rate on its Plus Growth Saver by 0.25 from 9 October, which THE RORT did not find on ANZ’s own pages ⁴⁵⁴³. Ubank says: “From 6 October 2026, our Everyday Bonus Rate will increase to 5.35% p.a. Customers receiving our Welcome Bonus Rate will earn 6.10% p.a. from that date.” Both are bonus rates with conditions ²⁰.

On 30 September, the day the big four announced their home loan rises, Canstar reported: “CBA, NAB and ANZ have not yet announced any increases to their savings rates.” CBA has since announced; as at 14:23 AEDT on 4 October NAB had not ⁴⁶⁴²⁷.

None of the five banks’ 12-month term deposit rates had changed since the 29 September decision on their pages as at 14:23 AEDT on 4 October. NAB, CBA and ANZ carry rate dates or stamps before 29 September, Westpac’s 12-month special dates from 21 September, and Macquarie’s page (undated) shows 5.35% for 12 months ⁴⁷³⁷.

09What NAB tells its investors

NAB’s group net interest margin rose from 1.70% (half to March 2025) to 1.81% (half to March 2026) and was 1.79% in the June 2026 quarter. NAB’s own investor slides say the ‘benefit of rising rates’ shows up in its replicating portfolios and forecast a tailwind of about 5 basis points for the second half of FY26, while its lending margin was squeezed by competition. Cash earnings excluding a one-off software charge were up 0.1% on a year earlier in the March 2026 half. In the June 2026 quarter they were up 4% on a year earlier and 2% on the March half’s quarterly average, a rise NAB put mainly down to lower credit impairment charges. Full-year FY25 cash earnings fell 0.2% and statutory profit fell 2.9% ⁴⁸⁴⁹.

The slide, in NAB’s 2026 half-year investor presentation and repeated in its August 2026 Debt Investor Update, reads: “Benefit of rising rates largely reflected in replicating portfolios”. Under “Key 2H26 considerations” it lists “Deposit and capital replicating portfolios tailwind of ~5bps”, with the footnote “Based on market implied 3 and 5 year swap rates trajectory as of 31 March 2026 and stable balances” ⁴⁹. That is NAB’s forward estimate as at 31 March 2026 for the half to 30 September 2026, made before the May and September rises. It is not an outcome, and it is not a statement about the September rise.

A replicating portfolio is the kind of hedge the Reserve Bank describes as a way to “transform the fixed (or zero) interest rate payments on banks’ liabilities into floating rate payments” ¹¹. THE RORT’s The savers’ share sets out how that works for deposits that pay little.

NAB’s own margin bridge for the March 2026 half shows its lending margin cut the group margin by 4 basis points (Australian home lending 2, Australian business lending 2), while replicating portfolios added 3, deposits 1, liquid assets 1 and Markets and Treasury 2 ⁴⁹. That is THE RORT’s reading of NAB’s chart. On NAB’s record to 30 June 2026 the group margin is steady to slightly wider, but the lending margin itself narrowed; the widening came from replicating portfolios, deposits and Markets and Treasury ⁴⁸⁴⁹. NAB’s own account of the half: “Excluding a 2 bps increase from M&T and a 1 bp benefit from liquid assets, NIM was stable reflecting higher earnings from the deposit replicating portfolio combined with lower deposit cost and deposit mix benefits, offset by lending competition.” ⁴⁸

NAB named lending competition as the drag on its margin in the December 2025 quarter, the March 2026 half and the June 2026 quarter ⁴⁸. Of the results NAB has reported from the March 2025 half to the June 2026 quarter, the June 2026 quarter is the only one in which the group margin fell ⁴⁸. NAB said that excluding Markets and Treasury its margin rose 2 basis points in the June quarter, “mainly reflecting higher earnings on deposit and capital replicating portfolios partially offset by lending competition and small deposit impacts” ⁴⁸.

Across the industry, Australian banks’ industry profit after tax rose 7.5% in the year to June 2026 (APRA) ⁵⁰.

None of this can yet show the September rise. No NAB or APRA margin or profit figure we have read covers any period after 30 June 2026. NAB’s FY26 result on 5 November covers the year to 30 September and so cannot show the effect of the September 2026 rate rise on its loan and deposit pricing; the March 2027 half, reported on 5 May 2027, is the first full half that can ⁵¹. NAB’s calendar says its dates “are subject to change” ⁵¹.

In its 2019-20 home loan price inquiry, the ACCC’s interim report, provided to the Treasurer on 30 March 2020, found that “All of the banks aimed to at least partly recover their anticipated profit reductions through their headline rate decisions”, and that “in mid-2018 to early 2019, each of the big four banks increased headline variable rates when there was no change in the cash rate” ⁵². That is a finding about 2018 and 2019, not about 2026.

10The Reserve Bank’s figures, both ways

The Reserve Bank’s May 2026 Bulletin, on data to March 2026, before the May and September rises, carries lines that cut both ways ¹¹.

For the banks: “Banks fully passed through cash rate reductions to lending rates on new variable-rate housing loans in 2025 and have increased lending rates broadly in line with the cash rate in early 2026.” “Spreads between lending rates and the cash rate have remained at their narrowest levels in almost two decades”. Banks’ net interest margins “stabilised in 2025 around historical lows” ¹¹.

Against them: “the spread between banks’ lending rates and funding costs has widened, though it remains narrower than pre-pandemic levels”, and, in its conclusion, “the estimated spread between lending rates and funding costs has risen from low levels. By contrast, banks’ NIMs remain around historical lows.” ¹¹ Its table puts the major banks’ total funding costs at 3.76 per cent in March 2026, down 47 basis points since January 2025, while the cash rate fell 25; lower hedging costs account for 15 of the 47 ¹¹. The Bank cautions that “actual funding costs may vary from our estimates”, and that this “may indicate that we have over-estimated the recent decline in hedging costs” ¹¹.

On deposits: “Deposit costs declined by less than the decline in the cash rate over 2025 and rose by less than the cash rate as it was increased in early 2026.” “On average, at-call deposit rates have adjusted by less than the cash rate.” ¹¹ The Bulletin adds that “some banks have said that stronger competition for deposits has weighed on profitability”, but that “there has been little evidence of this at the aggregate level” ¹¹. THE RORT reads the deposit lines as a lag that has run in both directions, which cuts against a simple claim that money only moves one way; that is THE RORT’s inference, not the Bank’s.

11The card rates

From 1 October, the variable purchase rate on six of NAB’s card headings, covering its Low Fee, frequent flyer and Rewards cards, rises from 20.99 to 22.49 per cent; on the Low Rate Card from 13.49 to 13.99; and the cash advance rate from 21.74 to 22.99 per cent on those cards and the Low Rate Platinum ⁵. NAB says: “Any change to your interest rates will apply from the opening date of your next statement after 1 October 2026.” ⁵ The Rewards Signature card’s $35 monthly fee becomes $395 a year ⁵.

NAB’s purchase-rate rises on its Rewards and frequent flyer cards, and its cash advance rises, were public by 28 July 2026, 65 days before 1 October. Its Low Fee and Low Rate purchase-rate rises were not on NAB’s card-updates page on 10 August and were there by 29 September. NAB says rate changes apply from each customer’s first statement opening after 1 October ⁶⁵³⁵. The first public trace THE RORT found is a forum post of 28 July that pastes NAB’s wording; NAB’s own first announcement date is not verified ⁶. Canstar reported the Rewards and frequent flyer card changes on 30 July ⁵³. The Rewards and frequent flyer card rises were public two months before the RBA’s 29 September decision. All of NAB’s 1 October purchase-rate rises, including Low Fee and Low Rate, were on NAB’s page in an archived copy taken at 11:12 AEST on 29 September ⁵³.

NAB’s archived pages show no change to these purchase rates between the February 2024 rise (Rewards, frequent flyer and Low Rate cards) or the September 2024 rise (Low Fee Card, per savings.com.au) and 1 October 2026: about 32 and 25 months respectively. Changes between archived copies cannot be ruled out ⁵⁴. The February 2024 rise, of 1 percentage point to 20.99 and 13.49 per cent, came in mid-February 2024: NAB’s page was stamped ‘Correct as at 13 February 2024’ and AAP, dated 14 February 2024, reported the rise as effective that day ⁵⁴. Savings.com.au reported on 13 September 2024 that NAB was raising its Low Fee Card purchase rate to 20.99 per cent, “a jump of 125 basis points on the old rate” ⁵⁴.

Since February 2024 the cash rate has been cut three times and raised four times, a net rise of 0.25 points; since 13 September 2024 it went from 4.35 to 3.60 per cent and back up to 4.60 ⁴⁰. NAB’s card rises of 1.50 and 0.50 points are larger than that net change and than any single cash rate move in the period, each of which was 0.25. NAB’s card-updates page does not mention card surcharges or interchange fees ⁵.

Other banks’ card rates, as their own pages show them: ANZ says that “As of 28 September 2026, the standard Annual Percentage Interest Rate on Purchases, Cash Advances and standard Balance Transfers increased”, to 22.49 per cent for purchases; its Low Rate card “has not changed and remains at 13.74% p.a.” ⁵⁵ Westpac’s Altitude cards are at 23.98% p.a. on Westpac’s own rates page (Finder and Canstar report 23.99, and the old 20.99 rate is from Finder), from 30 September ⁵⁵. CBA’s page shows 20.99 per cent on its Low Fee, Smart and Ultimate cards, and a personalised Low Rate range: “From 10 December 2024, interest rates offered on approval vary from 10.99% p.a. to 15.99% p.a.” ⁵⁵ Canstar wrote of NAB’s rewards card changes, which include fees and earn rates, that “These changes are being made as a result of the RBA’s surcharge ban and corresponding cut to the cap on interchange fees that help fund rewards programs”; that is Canstar’s account, and NAB’s page mentions neither. Canstar reported that Westpac says its own changes, to card insurance, are not directly related to the interchange fee cap ⁵³⁵. Finder, reporting Westpac’s and St.George’s card changes on 24 August, wrote that they “come ahead of the 1 October 2026 ban on card surcharges” ⁵⁵. NAB’s page heads its changes “Credit card changes from 1 October 2026”, and its rate changes apply from each customer’s first statement after that date ⁵.

The Reserve Bank’s table of indicator card rates, F5, which showed 20.99 and 13.49 per cent through August, is an indicator across large lenders, not NAB’s own rate. F5’s latest figures are for 31 August 2026, before any of the big-bank card rises. ANZ’s 28 September rise, and possibly Westpac’s from 30 September, fall within the 30 September observation; NAB’s 1 October rise cannot appear before the 31 October observation ⁵⁶.

THE RORT ran no cost test on card rates and draws no conclusion on whether NAB’s card rises are fair. NAB’s page says: “Most changes require us to give you at least 30 days’ notice, which we have done.” When the Low Fee and Low Rate cardholders were told is question 7 below ⁵. The archived copies do not show when NAB told those cardholders: 10 August is 52 days before 1 October, and NAB may have written to them directly. THE RORT does not suggest that NAB gave less notice than its page states.

12Is it legal?

We found no provision in the Competition and Consumer Act, the ASIC Act or the National Credit Code that ties a lender’s rate to the cash rate, and the ACCC says the cash rate is not a regulated rate ⁵⁷³⁸. In the ACCC’s words, the cash rate is not “a regulated rate that banks must receive from borrowers or pay to depositors” ³⁸. THE RORT did not search the Banking Act, the Reserve Bank Act or state law.

Price gouging is not a general offence. In December 2025, before the supermarket ban took effect, The Conversation wrote that price gouging, “setting prices at a level far higher than people think is reasonable”, “isn’t currently illegal for businesses in Australia” ⁵⁸. The only Commonwealth ban on excessive prices covers very large supermarkets, from 1 July 2026. Banks are outside it ⁵⁸. The Northern Territory used its Price Exploitation Prevention Act, a 1949 law, for fuel in March 2026, with power in “the most extreme cases” to “overrule and set the price” ⁵⁹. The Parliament’s page for a Greens excessive-pricing bill records its second reading negatived on 9 October 2024 and on 5 February 2026; the Greens said of the 2024 vote that Labor had voted down “a Greens Bill that would have made price gouging illegal” ⁶⁰.

Bank pricing falls under the ASIC Act rather than most of the Australian Consumer Law: section 131A of the Competition and Consumer Act takes financial services out of most of the consumer law ⁵⁷. The ASIC Act bans conduct that is “in all the circumstances, unconscionable” (section 12CB) and misleading or deceptive conduct (section 12DA) ⁵⁷. It treats as possibly unfair a term that lets one party “vary the upfront price payable under the contract without the right of another party to terminate the contract”, but a term that “sets the upfront price” is excluded from that review ⁵⁷. Whether a variable-rate clause counts as an upfront price was not tested.

Misuse of market power is narrower than a price test. Section 46 of the Competition and Consumer Act says: “A corporation that has a substantial degree of power in a market must not engage in conduct that has the purpose, or has or is likely to have the effect, of substantially lessening competition in” a market ⁵⁷. THE RORT did not search for any case applying section 46, section 12CB or the consumer law to bank rate setting.

Government has levers short of a price cap. The Treasurer can direct the ACCC to hold a price inquiry (s95H) or to monitor a business’s prices, costs and profits (s95ZF). Treasurers directed bank-pricing inquiries in 2017, 2019 and 2023; we found no s95ZF monitoring direction aimed at a bank ⁵⁷⁶¹. Treasury said on 1 April 2026 that it is “considering whether further steps are appropriate in the financial services sector” ⁶². A ban on unfair trading practices passed Parliament on 2 July 2026 and starts on 1 July 2027; whether it reaches financial services was not checked ⁶².

The rules govern notice, not size. The National Credit Code requires written notice of a rate change “not later than the day on which a change in the annual percentage rate or rates payable under a credit contract takes effect” (section 64) ⁵⁷. The Credit Code requires 20 days’ written notice of a change in repayments, but where the contract sets repayments by a formula, only a change to the formula itself triggers that notice. Canstar reports NAB gives at least 30 days’ notice of new repayments ⁵⁷⁶³. The Banking Code’s paragraph 35 reads in full: “If we change an interest rate, we will tell you as soon as reasonably possible, but no later than the date of the change, unless we are not able to because the interest rate is calculated according to a money market or some other external reference rate, or a rate otherwise designated as a variable or floating rate.” None of the Code’s eight passages on interest rates limits the size of a rise ⁶⁴.

On what THE RORT found, no law ties NAB’s rises to the cash rate, and no Commonwealth price-gouging ban reaches banks. What constrains bank pricing is competition, disclosure and notice, and the Treasurer’s power to order an inquiry. Whether NAB met its notice and disclosure duties on these changes was not tested. THE RORT does not suggest that NAB has breached any of these laws.

13The strongest case on each side

The case that NAB is taking more than it needs to, at its strongest:

The timing of the second step. NAB’s 2 October rise of up to 0.32 came after government bond yields had ended, on 30 September, 2 to 7 basis points below their 16 September level, though the two-year traded above that level on 24, 25 and 28 September; and it ran ahead of matched swap rates by about 15 to 25 basis points over its own window ¹³¹². It came after money markets had cut the odds of a November rise to about 20 per cent, and with NAB’s own economists forecasting a hold ²⁵²⁷.

NAB stood out among the majors. As at 3 October it was the only big four bank to have moved fixed rates after the decision; Yahoo Finance reported it was the only one to have raised them twice in just over two weeks; and, on figures whose bases differ, its one-year rate was the highest of the four, by 0.01 ³⁵³. The Nightly (24 September) reports that brokers rate CBA and NAB the least competitive majors on home loan pricing (the same piece reports sector-wide margin pressure) ³⁶.

NAB tells investors rising rates help it. Its slides say the “Benefit of rising rates” is “largely reflected in replicating portfolios”, with a tailwind of about 5 basis points forecast for the half to September, as estimated at 31 March ⁴⁹. The Reserve Bank, on data to March 2026, concludes that “the estimated spread between lending rates and funding costs has risen from low levels. By contrast, banks’ NIMs remain around historical lows.” Its table attributes 15 of the 47 basis point fall in the major banks’ funding costs since January 2025 to lower hedging costs ¹¹.

Savers wait. NAB has announced its borrowers’ 0.25, effective 9 October, but as at 14:23 AEDT on 4 October its savings page and interest-rates news index showed no change to its savings rates ¹⁷¹⁹. In each earlier rise this year its savings rise took effect on its home loan day, ten days after the decision; this time that day is 9 October, and NAB has not said publicly what it will do ⁸.

The past. The ACCC found in 2020 that each of the big four raised headline variable rates in mid-2018 to early 2019 when the cash rate had not changed; that is a finding about that period, not this one ⁵².

The case that NAB is not, at its strongest:

The variable rise is exactly 0.25, on the same day as CBA, Westpac and ANZ, and every lender with a published figure on the trackers moved by the same amount ¹⁹¹⁰.

Over the whole period the fixed rises differ from the market benchmarks in both directions, and fall below them on some products and start dates: from NAB’s 22 July repricing, owner-occupier rises between 8 basis points under and 11 over swap rates; from the two-year rate’s pre-cut level, about 13 basis points under the bond yield; investor rates from 4 under to 5 over; owner-occupier interest-only rates 15 to 23 under ¹²¹³. Between 13 August and 16 September swap rates and bond yields rose, and NAB’s one- and two-year rates on its page stamped 14 September were the same as after its 22 July cut ^1213414.

A fixed rate prices the path of rates over one to five years, not the next meeting, so neither the November odds nor the forecasts settle what a fixed rate should be; NAB says its fixed rates are influenced by a range of factors, including “wholesale funding costs and market conditions” ²⁸.

NAB was not the biggest mover. CBA’s single rise of up to 0.48 and Westpac’s of up to 0.45 came before NAB’s second step, 18 lenders moved in September, and NAB’s rates now sit at about CBA’s ^30313235.

NAB’s own margin record shows its lending margin narrowing, with the group margin held up by deposits, replicating portfolios and Markets and Treasury, and lending competition named as the drag in each period from December 2025 to June 2026 ⁴⁹⁴⁸. The Reserve Bank says banks’ margins “stabilised in 2025 around historical lows” ¹¹.

Savers may yet be paid. In each earlier rise this year NAB’s savings rise took effect with its home loan rise, ten days after the decision, and this time that day is 9 October; in May its Reward Saver rose 0.35 against the Reserve Bank’s 0.25 ⁸. NAB’s own Ubank has announced higher bonus savings rates, of 5.35 and 6.10 per cent, from 6 October ²⁰.

14The verdict

Variable home loans: a pass-through of exactly the Reserve Bank’s 0.25. The evidence shows no money grab.

Fixed home loans: most of NAB’s fixed rises for new loans were larger than 0.25 (owner-occupier principal and interest 0.35 to 0.47, investor 0.30 to 0.45); owner-occupier interest-only rose 0.15 to 0.25. Setting them beside the cash rate compares different benchmarks: the Reserve Bank says new fixed rates have followed tenor-matched swap rates, which they typically reference, and THE RORT also uses government bond yields as a proxy. Over the whole period NAB’s owner-occupier rises came to between about 14 basis points under and 23 over the rise in matched swap rates, depending on the start date chosen, and between 8 under and 11 over from NAB’s own July repricing; against government bond yields, from mid-July to mid-August start dates, about 0 to 11 over. THE RORT reads the arithmetic as NAB catching up, in two steps, with the rise in those market rates between 13 August and 16 September: NAB’s one- and two-year rates on its page stamped 14 September were the same as after its 22 July cut, and by 1 October the four- and five-year swap rates were within 3 basis points of their 15 September peak. That is THE RORT’s reading of endpoint figures, not a finding about NAB’s motive, which NAB has not given. Over its own window, from 23 September, the second step ran ahead of matched swap rates by about 15 to 25 basis points and of government bond yields by about 28 to 33; whether NAB priced off mid-September levels is not known. On these tests the evidence does not show a money grab on fixed loans. It does not show pure cost pass-through either: the noise band in this test is unmeasured, and NAB’s pricing day is unknown.

Credit cards: the rises are large; they were public for NAB’s Rewards and frequent flyer cards two months before the September decision. ANZ and Westpac also raised card purchase rates around the same date, Westpac by more, on Finder’s figure for its old rate; CBA’s card fees page, and its key facts sheet stamped “Correct as at 29 September 2026”, show 20.99 per cent on its Low Fee, Smart and Ultimate cards. Canstar linked NAB’s rewards card changes, which include fees and earn rates, to the Reserve Bank’s surcharge ban and cut to the interchange cap; NAB’s page mentions neither. THE RORT ran no cost test and draws no conclusion.

Savers: the open point. As at 14:23 AEDT on 4 October NAB had not changed its headline savings rates, while CBA, Westpac and Macquarie had announced rises, and so had NAB’s own Ubank, from 6 October. In each earlier rise this year NAB’s savings rise took effect on its home loan day; this time that day is 9 October, and NAB has not said publicly what it will do. THE RORT will re-read NAB’s pages on 9 October and record what it finds.

15What would settle it, and NAB’s reply

The dates. 6 October: Ubank’s savings rise takes effect ²⁰. 8 October: Ubank’s variable home loan rise ²⁰. 9 October: NAB’s variable rise takes effect, and THE RORT re-reads NAB’s savings, term deposit and fixed-rate pages ¹. 5 November: NAB’s results for the year to 30 September, which cannot show the effect of the September rise on its loan and deposit pricing. 10 December: NAB’s annual general meeting. 5 May 2027: NAB’s results for the half to March 2027, the first full half that can ⁵¹. The Reserve Bank’s next decision is on THE RORT’s watch in Four rises in 2026.

On 2 October THE RORT sent NAB questions for another article in this series, not yet published, including its decision on savings and term deposits, and asked for a reply by Thursday 8 October. The new questions below had not been sent when this article was published on 4 October. The date and time they are sent will be recorded here. They ask for a reply by 5 pm AEDT on Thursday 8 October 2026, and any reply will be added in full where it is short, or quoted fairly with a link to the full text, as a dated update, whenever it arrives.

The questions: 1. On what date NAB’s first fixed-rate rise took effect. 2. Whether a customer who re-fixes pays the same rate as a new customer, and on which loan to value band. 3. Which funding benchmark, and which pricing date, the 2 October rise reflects, given THE RORT’s figures that, measured from 23 September, it ran ahead of matched swap rates by about 15 to 25 basis points and of government bond yields by about 28 to 33. 4. Whether NAB will change any savings or term deposit rate after the 29 September rise, and from when (NAB was also asked this on 2 October); and what share of its Reward Saver accounts earned the bonus rate in recent months, given that all of the 5.00 per cent except the 0.01 base rate is a conditional bonus, that across the four 2026 rises the cash rate is up 1.00 point while, as at 14:23 AEDT on 4 October, five days after the fourth decision, its bonus rate is up 0.85 (all of it from the first three rises, which totalled 0.75), its base rate is unchanged and its iSaver standard rate is up 0.40, and the ACCC’s 2023 market-wide finding on bonus interest. 5. The dates of its September term deposit changes. 6. Whether its 31 March estimate of a replicating-portfolio tailwind still stands, and what it expects the 2026 rises to do to its margin in FY27; and whether THE RORT’s reading of its March 2026 half margin bridge is correct. 7. When it told each group of cardholders of the 1 October changes, and whether any part of them is linked to the cash rate or to the Reserve Bank’s card surcharge and interchange changes, given that the 1.50 and 0.50 point rises are larger than any cash rate move since February 2024. 8. Which variable home loans the 0.25 rise covers, whether new and existing customers are treated alike, and whether any business, overdraft or personal loan variable rate will change. 9. Whether NAB wishes to respond to The Nightly’s report of a broker survey rating it among the least competitive majors, and to Canstar’s reading that its fixed rises suggest it is factoring in a further rate rise, set beside its own economists’ forecast of a hold and the market odds of about 20 per cent for a November rise. 10. Whether NAB wishes to respond to THE RORT’s report that as at 3 October it was the only big four bank to have moved fixed rates after the decision and, on figures whose bases differ, had the highest one-year rate of the four, by 0.01; to Yahoo Finance’s report that it was the only one to have raised them twice in just over two weeks; and to THE RORT’s arithmetic on repayments and on the gap between its two-year rate and the two-year bond yield. 11. Whether NAB wishes to respond to the ACCC’s 2020 finding on the big four’s variable rate rises in mid-2018 to early 2019, which this article recalls as a finding about that period. If NAB believes any statement of fact here is wrong, THE RORT will correct it with a dated note.

If it’s a rort, we cover it.