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

Australia’s lenders appeared to be banding together against customers in a mass refusal to pass on the Reserve Bank’s 0.25 per cent cut. full delivery of the. year NAB passed on more of the RBA’s.

Should the Reserve Bank of Australia (RBA) opt to cut interest rates at its next meeting on Tuesday (November 1st), banks in the country should follow suit, treasurer Wayne Swan has stated. In an interview with ABC radio, he asserted that the latest statements from the central bank indicate that a reduction is a possibility.

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"At the very least it indicates that they have little excuse not to pass on any RBA rate cuts in full." Wilsons’ Mr Lockton was more sceptical, however. "If the RBA were to cut rates, not our view in.

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The Reserve Bank of Australia (RBA) is widely expected to cut rates on Tuesday to a record low of 1.25% from 1.5% in what would mark the first rate change in nearly three years.

3 days ago · When rates are cut, pass off lending costs and risks to financial institutions. When rates eventually rise, you can begin to compete with banks in the lending sphere, taking the risk (and the.

The Australian share market also received a modest boost. The likelihood of a rate cut sooner rather than later had already been highlighted in the RBA’s Statement on Monetary Policy earlier this.

I mean the banks have been attacked this week because they didn’t pass on the full extent of the cut in the cash rate, you said that they should. Wouldn’t you concede that there is at least some sort of argument on the part of the banks given the overall situation they now face for them, not to pass on that full cut? TREASURER:

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Australian Treasurer Josh Frydenberg said the Australian Government ".expects all banks to pass on the benefits of sustained reductions in funding costs." Even though ANZ Bank quickly announced it would pass on the full 0.25 percent cut to its customers, this follows a mere 0.18 percent pass on in June when the RBA previously cut interest.

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