// apra_rate_analysis
The largest RBA tightening cycle in 30 years exposed a structural split: Macquarie led rates by 30-70bps for 18 months and captured deposit market share the Big 4 couldn't reclaim.
0.10%→4.35%
RBA cash rate cycle
Nov 2020 → Nov 2023
+133%
Macquarie deposit share
relative gain 2020–2024
30-70bps
Macquarie premium
above Big 4 savings rate
$48B
Macquarie deposits
from $14B at cycle start
// key_findings
The Big 4 used the near-zero era (2020–22) to protect Net Interest Margin by not passing RBA cuts to savers. Macquarie maintained positive real spread, a deliberate growth play.
When the hike cycle started in May 2022, Macquarie moved in 48 hours. The Big 4 lagged by 4-6 weeks on average, enough for 12-18 months of deposit inflows before the gap closed.
CBA's pricing power is structural: even at a 25-35bps savings rate disadvantage, customers don't move. Brand inertia plus ecosystem lock-in (home loan + everyday account) suppresses churn.
The NAB/WBC term deposit anomaly: both offered higher 12-month TDs (4.85%) than their own savings rates (4.65%) in late 2024. Savers weren't bothering to lock in, preferring liquidity.
February 2025 marked the first RBA cut. The Macquarie premium is now compressing. Watch for Big 4 pricing to stabilise as the competitive pressure from Macquarie normalises.
APRA's deposit market share data lags 6 months: the real impact of Macquarie's rate leadership on FY2024 deposit balances is only fully visible in the ADI statistics released mid-2025.
// data_lineage
// built_with
// methodology_note
Rate history hand-curated from APRA ADI Monthly Statistics and bank product archives. Where exact historical rates weren't publicly preserved, values are APRA-reported best-savings averages ±5bps.