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

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.

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.

Treasurer Josh Frydenberg has rapped ANZ Bank over its failure to pass on the RBA’s rate cut in full today, saying it had "let down its customers". ANZ ignored calls by the Morrison.

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.

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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Pass it on: Treasurer Josh Frydenberg has been speaking to bank CEOs. Australians should have the full benefits of a likely cut to the official cash rate passed onto them, federal treasurer Josh.

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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.

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.

 · Treasurer Josh Frydenberg is urging the banks to pass on the RBA’s interest rate cut in full. An historic interest rate cut and lower income tax could benefit two-income families to the tune of.