In the past eight years the smallest rate cut passed on to borrowers at just 0.13 per cent was tied to the most recent RBA cut in August 2016.
Australians should have the full benefits of a likely cut to the official cash rate passed onto them, treasurer josh frydenberg has warned bank bosses. The Reserve Bank is widely expected to drop the rate to 1.25 per cent on Tuesday, in an effort to lift employment conditions and preserve its inflation target. The rate, which reflects what the central bank charges commercial banks on overnight loans and
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People who have mortgages with Westpac and ANZ are being told to shop around if they are upset the banks haven’t passed on all of the Reserve Bank’s interest rate cut. treasurer Josh Frydenberg says the banks owe their customers an explanation after keeping some of the rate cut for themselves, despite their own funding costs recently falling.
Treasurer Josh Frydenberg called on the banks to pass on the cuts in full. Australia’s central bank on Tuesday cut official interest rates by 25 basis points, leaving the cash rate at a new.
An historic interest rate cut and lower income tax could benefit two-income families to the tune of $3000 a year, Treasurer Josh Frydenberg says. However, Labor and unions say the decision by the Reserve Bank to lower the cash rate by 0.25 percentage points to a record low 1.25 per cent is a sign the re-elected Morrison government has taken its hands off the economic wheel.
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RBA warns that failure to pass on full rate cut could hurt economy.. Shadow treasurer Jim Chalmers said Australians would "be absolutely filthy at any bank that doesn’t pass on these rate cuts".
June 3, 2019. MELBOURNE (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, media reported on Tuesday.
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