Ordinarily I would agree, but the big four got a massive bail out with a emergency medium term debt facility at 0% from the RBA during COVID. This is now closed. This helped massively reduce tightening net interest rate margins. They would be far worse without. The waning gains from this will counteract the normal NIM gains from rate rises (it masks it well in recent results) as banks have to go back to good old wholesale funding costs, loosely the US ten year, which is has risen from 1.3% to 3% in 8 months.
This is largely why, despite pushing mortgage rates up for the last six months, the banks could not afford to not pass on the full RBA rate hike.
Ann: News Release - ANZ NZ 2022 Half Year Result, page-20
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