Sydney: Australia's major banks have begun announcing rate rises following the Reserve Bank of Australia's decision to hike interest rates for the first time in four years. The cash rate rose by 0.25 of a percentage point, meaning it now sits at 3.85%.

According to Qatar News Agency, the Commonwealth Bank announced it would increase home loan variable interest rates by 0.25% per annum starting Feb 13. CBA's retail banking group executive Angus Sullivan stated that interest rate changes can create additional pressure for home loan customers, emphasizing the bank's focus on providing support to help customers manage their finances.