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.

CBA and ANZ, on the other hand, lifted rates by 37 and 35 basis points respectively, and only the National Australia Bank matched the central bank's increase.

"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. 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", said Mr. Norris.

Concerns over further rising of rates have lately been eased a bit by GDP figures which do not seem to be very promising.