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

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.

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.

news; Follow NAB’s lead, Swan urges banks. TREASURER Wayne Swan expects banks to pass on any interest rate cut, after National Australia Bank today vowed it would lower its rates.

The Reserve Bank has cut the official cash rate by 25 basis points, which should help mortgage holders but is being seen as a sign of a struggling economy.. treasurer urges banks to pass on RBA.

The other major banks, Westpac and Commonwealth Bank of Australia, have so far refused to guarantee they will pass in full any cut to the official 7.27 per cent cash rate. Yesterday, federal Treasurer.

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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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.

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Josh Frydenberg has told the big four banks to pass on in full any interest rate cut to help to stimulate the economy from what official figures could show is the lowest annual growth rate since 2009.