According to Chief Executive of Commonwealth Bank of Australia, Ralph Norris, the fact that all major banks across the country ended up lifting their interest rates much higher than the minimum lift rate set by the central bank, could mean that the there would be no rise in the upcoming meeting.

The Reserve Bank, in the December meeting, lifted the rate by 25 basis points to 3.75%, and this was followed by Westpac's controversial and very high rise of 45 basis points for borrowers of home loan.