Sasha Barber-Gatt

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I'm Sasha Barbagat.

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Hey Chris, Australia's big four banks have wasted no time in passing on the latest cash rate hike to customers.

The RBA yesterday afternoon announced a third consecutive increase of 25 basis points to 4.35%, effectively wiping out the cuts made during a brief cycle of decreasing the official rate last year.

So the Commonwealth Bank, NAB, Westpac and ANZ in the hours after the announcement confirmed that they'd be increasing interest rates on their loan products.

But of the four, only Westpac has announced a rise in interest rates for savings products.

So, stand by.

We will see what happens there.

Just while we're on the topic of government spending, there has been a major project axed because of a cost blowout.

So, we got word of this overnight.

The major freight rail project, which was being called the Melbourne to Brisbane Inland Rail Project, which

was supposed to connect the two cities and also allow a connecting point out to Perth through the town of Parks.

That has been pitched since about 2013 by both Labor and Coalition governments, but the project in its entirety has been shelved by Labor.

because it was going to blow out in cost to $45 billion.

Now it's going to stop at the New South Wales town of Parks instead.