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Mortgage holders will begin feeling the effect of the Reserve Bank's rate hike, with the big four banks passing the rise on to customers.

ANZ, Commonwealth Bank, Westpac and NAB matched Tuesday's move by the RBA, lifting variable rates by 50 basis points from next week.

The banks have also announced increases to interest on certain savings accounts.

The move comes after calls from Treasurer Jim Chalmers for banks to pass on increases in rates for deposits as well as home loans.

Commonwealth Bank retail banking chief Angus Sullivan said the lender, the first to announce the rate rise, would offer a limited four-year fixed rate of 4.99 per cent for owner-occupiers.

"This special is a reduction of 1.60 per cent per annum from our current four-year fixed-package rate and has been rolled out especially to support customers looking for certainty in a changing rate environment," he said.

Westpac matched the offer of a special four-year fixed rate of 4.99 per cent and announced it would lift interest rates on two of its most popular accounts to boost the returns on savings for many customers.

Some customers would feel financial pressure, Westpac consumer and business banking chief executive Chris de Bruin acknowledged.

"We're here to support these customers and encourage them to give us a call," he said.

"New and existing customers could fix their loan for four years which may provide more certainty over their repayments, or split their loan between fixed and variable rates."

ANZ increased the rate on its ANZ Plus Save account from Monday and said it would review other longstanding savings accounts.

The persistent low-rate environment of recent years has been challenging for savings customers, ANZ retail group executive Maile Carnegie said.

"So today we have tried to provide some relief for them with a range of deposit rate increases," she said.

NAB was the last to announce it would pass on the rate hike to its customers, with personal banking group executive Rachel Slade urging customers to contact them if they were struggling.

"Please get in touch - the earlier the better," she said.

"The first step is a conversation so we can help you get back on track."

ABS data on lender indicators showed Australian mortgage owners are switching banks in record numbers to get a better deal.

© AAP 2022

New laws to raise Australia's carbon emissions cut targets have cleared their first hurdle after passing the federal parliament's lower house.

Liberal MP Bridget Archer was the only opposition member to vote with the government to pass the laws 89 votes to 55.

The Tasmanian MP said her community wanted action on climate change and it was important she use her vote to achieve this.

The laws set a carbon emissions cut target of 43 per cent on 2005 levels by 2030, and net zero emissions by 2050.

The 2030 commitment is a step up from the former coalition government's unlegislated 26 to 28 per cent target, while there is bipartisan support for the 2050 target.

Prime Minister Anthony Albanese said he was pleased the legislation had passed the lower house.

"Even though the crossbenchers didn't get their demands met that weren't consistent with the program that we put to the election ... the parliament functioned effectively," he told reporters in Canberra.

Mr Albanese hit out at the coalition for not agreeing to the bills, but implored the opposition to back the legislation when it moves to the upper house.

"They have an opportunity when the legislation gets to the Senate to change their mind and to bring themselves into the 21st century and make themselves relevant to the debate," he said.

"We need a response which is real."

Independent MP Zali Steggall said the next step of Australia's response to climate change had to be phasing out oil, coal and gas.

She and other independents told reporters in Canberra they wanted to see greater co-operation with the government, but praised the approach Labor had taken.

"We're still seeing in question time old-style politics play out," Ms Steggall said.

"I don't think it impresses many of us, and it certainly doesn't impress the Australian public."

Climate Change Minister Chris Bowen declared the passage of the bill "a good day for Australia", and thanked the crossbenchers for working collaboratively with the government.

"Renewable energy is the cheapest form of energy, renewable energy is the key to reducing emissions and seizing the jobs opportunity that is the climate emergency," he told parliament on Thursday.

Following consultations with the Greens, the government agreed to ensure the emissions target could only go up in the future, with a mechanism in place to increase its ambition.

There will also be greater transparency and strengthened requirements on the Climate Change Authority, the body charged with advising on climate targets and policies.

Multiple amendments proposed by independent MPs were supported by the government, including for regional Australia to be explicitly considered in new laws.

The coalition did not support the amendment moved by independent MP Helen Haines to ensure the authority considers economic, employment and social benefits for rural and regional Australia.

The government also agreed to ensure the bill clearly states its intention is to drive climate action and is linked to science.

But the government and opposition voted against amendments to lift the emissions reduction target to 75 per cent by 2030 and net zero by 2035, proposed by the Greens and independent MP Andrew Wilkie.

The bill is being assessed by a senate inquiry, which is due to report on August 31, after which it will be debated and is expected to pass with the help of the Greens and one upper house crossbencher.

© AAP 2022

Adelaide-born singer-songwriter Paul Kelly has had a city lane in his home town named in his honour.

Pilgrim Lane, which runs between Flinders Street and Pirie Street in the Adelaide CBD, has become Paul Kelly Lane.

Kelly joins other prominent SA artists to be recognised in such a way, including Cold Chisel and Sia.

Since releasing his first album in 1981, Kelly has produced some of Australia's most iconic songs, including Dumb Things, How to Make Gravy and From Little Things Big Things Grow.

Kelly said he was particularly pleased his lane was so close to the Adelaide Town Hall, given his 50-year association with the venue, "from playing trumpet at school speech nights, attending concerts and, later on, doing my own shows".

Adelaide Mayor Sandy Verschoor said Kelly's inclusion in the city of music's Laneways project was worthy recognition for a favoured artist.

"Like most Australians I have fond memories of listening to Paul Kelly songs, so I love that we can have the laneway named in his honour," she said.

"We have an incredible musical history, with so many great artists having close connections to this city, its live music venues and wonderful festivals."

The Laneways project will next honour Adelaide rock band The Angels.

© AAP 2022