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

TREASURER Wayne Swan expects banks to pass on any interest rate cut, after National Australia Bank today vowed it would lower its rates. TREASURER Wayne Swan expects banks to pass on any interest rate.

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.

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In what amounted to a plea to the Prime Minister and Treasurer to take advantage. Asked whether the big four banks were right to refuse to pass on all of the Reserve Bank’s August interest rate cut.

Australian Treasurer Urges Banks to Pass on Any rate cut: media More FILE PHOTO: The new Treasurer Josh Frydenberg attends the swearing-in ceremony in Canberra, Australia August 24, 2018.

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Swan urges banks to pass on rate cut.. expected "a maximum possible pass-on" of any rate cut.. the extent of the banks’ ability to pass on any official cut was up to it, the treasurer said..

THE federal Government expects any interest rate cut by the Reserve Bank of Australia (RBA) to be passed on by the retail banks to their customers. Governor Glenn Stevens indicated last week that.

. cent of the time that the Reserve Bank has dropped interest rates since the financial crisis in 2008, at least one of the big four banks has failed to pass on the cut in full, Treasury analysis.

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.

“For any. cut marked the first time the RBA had made back-to-back cuts since 2012. Ahead of Tuesday’s rates decision,

Whenever they refuse to pass on official rate. Treasurer, Wayne Swan, constantly urges customers to vote with their feet. He’s probably dusting off talking points on this very topic before tomorrow.

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.