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

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.

Treasurer Josh Frydenberg has personally urged the nation’s biggest banks to pass on all of an expected 0.25 percentage point cut in official interest rates on Tuesday as the Reserve Bank of.

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.

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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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All four major banks have now announced reductions across their variable home loan rates, following the Reserve Bank of Australia’s (RBA) decision to reduce the official cash rate by 25bps to 1.25 per cent.. Despite the banks being implored to pass on the cash rate reduction in full by both rba governor philip lowe and Treasurer Josh Frydenberg, not all lenders have decided to do so.

Several lenders, including some of the major banks, have reduced their variable interest rates by 25 basis points following the RBA’s decision to reduce the cash rate to a new record low. Lenders begin to pass on RBA rate cut – Mortgage Business

Treasurer Josh Frydenberg met with chief executives of Australia’s major banks in recent days to urge them to pass on the full value of any rate cut to borrowers. "I expect all banks to pass on.