Major banks pass on cash rate cut

Unless you’ve been living under a rock, you would have heard that the Reserve Bank of Australia (RBA) cut the official cash rate by another 25 basis points to 2.00%. That’s right, another historical low for Australia and a chance for homeowners to breathe a little sigh of relief. That is, of course, if your bank actually passes on the rate cut.

Treasurer Josh Frydenberg is urging banks to pass on the full extent of the Reserve Bank’s historic interest rate cut to its customers. The RBA cut the official cash rate by 25 basis points on. Chief Financial Officer of Local Business Indicted for Embezzling 3.8 Million Dollars

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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.

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Economists at Citi on Friday joined Australia’s major banks in predicting a third interest rate cut by the country’s central bank in October, citing more spare capacity in the labor market and a.

Hence when banks immediately decide to cut interest rates in line with the cash rate, it is more a public relations exercise than a carefully measured financial response. But hopefully it is both.

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Investors are expecting the Reserve Bank of Australia (RBA) to cut the official cash rate by 0.25% later today, with the banks expected to pass on the full cut to mortgage customers.

The Reserve Bank of Australia’s decision to introduce another interest rate cut will deliver homeowners an array of benefits extending well beyond monthly savings on their mortgage repayments, experts claim. The RBA announced at its monthly board meeting Tuesday that the cash rate would drop another 25 basis points to a record low of 1 per cent.

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Pass on rate cut, Treasurer warns banks But now rising unemployment, low wages, a housing slump and below-target inflation are stoking fears about the health of the economy Down Under. Dr Lowe said the board was very cognisant of the negative effect its decision would have on savers and considered that in today’s meeting, but judged that a rate.