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ABC News
ABC News
Business
business reporter David Chau and wires

NAB is first lender to pass on Reserve Bank's rate hike, ASX falls to five-week low ahead of US interest rate decision

United States Oil David Chau European Central Bank the Federal Reserve US Federal Reserve Dow Jones Recession the US Federal Reserve

The Australian share market has dropped to its lowest level in five weeks, after the Reserve Bank announced a surprise interest rate hike yesterday.

NAB has passed on the Reserve Bank's full rate hike to its home loan customers, but only two of its savings accounts.

Meanwhile, renewed worries about the stability of the US banking system led to significant falls on Wall Street and oil prices sinking by about 5 per cent, ahead of a likely rate increase from the US Federal Reserve tomorrow.

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