Pass on rate cut, Treasurer warns

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Many experts say the RBA is almost certain to lower interest rates from 1.5 per cent to 1.25 per cent today, but others are not so sure. Treasurer Josh Frydenberg said if the RBA does decide to cut,

AUSTRALIA’S big banks are hugely profitable and their customers would be very angry if they failed to pass on an interest rate cut in full, Treasurer Wayne Swan says. In a pre-emptive strike ahead.

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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.

The Commonwealth Bank and National Australia Bank will both reduce interest rates on standard variable rate home loans by 0.25%. ANZ and Westpac have announced reduction of 0.18% and 0.20% respectively. Treasurer Josh Frydenberg called on the banks to pass on the cuts in full.

Shadow treasurer Jim Chalmers said Australians would "be absolutely filthy at any bank that doesn’t pass on these rate cuts". The nation’s biggest home lender, the Commonwealth Bank, will pass through all of the rate cut, but its customers will have to wait until June 25 before seeing the benefits.

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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".

The Reserve Bank has cut its official interest rate by 0.25 percentage points to a new record low of 1.25 per cent. RBA cuts rates to support jobs growth in the face of rising unemployment ANZ is.

Swan warns banks to pass on rate cuts The Treasurer, Wayne Swan, gave notice yesterday that he would be pushing the banks to pass on any rate cut granted next week. "I won’t be pulling back from my discussion about the important issues associated with interest rate cuts; I will be making frank and fearless comments about that," Mr Swan said.

After nearly three years sitting on the sidelines, the RBA is widely expected to cut the official cash rate to a new historic low of 1.25 per cent today.