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Australian treasurer urges banks to pass on any rate cut: media

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All four major banks have now announced reductions across their variable home loan rates, following the Reserve Bank of Australia’s (RBA) decision to reduce the official cash rate by 25bps to 1.25 per cent.. Despite the banks being implored to pass on the cash rate reduction in full by both RBA governor Philip Lowe and Treasurer Josh Frydenberg, not all lenders have decided to do so.

The rate, which reflects what the central bank charges commercial banks on overnight loans and influences the setting other interests rates, has sat at a record low of 1.5 per cent since August 2016. Mr Frydenberg met with the CEOs of the four big banks in recent days to urge them to pass on the benefits of a lower rate, if it happens.

Australia’s treasurer has told the heads of the country’s big four banks that the government wants them to pass on in full any cash rate cut by the central bank, media reported on Tuesday. Load.

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Reserve Bank governor Philip Lowe last night demanded that banks pass on the full cut in the off­icial interest rate to help drive economic. “Actions like this don’t give the Australian people any.

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Several lenders, including some of the major banks, have reduced their variable interest rates by 25 basis points following the RBA’s decision to reduce the cash rate to a new record low. Lenders begin to pass on RBA rate cut – Mortgage Business

MEDIA: Rachael Storey – 0467 741 310 tuesday 6 december 2011 NSW treasurer welcomes rate cut AND URGES BANKS TO PASS ON IN FULL NSW Treasurer Mike Baird today welcomed the decision by the Reserve Bank Board to reduce interest rates for the second consecutive month and called on the Nation’s banks to pass the cut on in full to consumers.

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MELBOURNE, June 4 (Reuters) – Australia’s treasurer has told the heads of the country’s big four banks that the government wants them to pass on in full any cash rate cut by the central bank.

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