On Tuesday, the Reserve Bank announced it would cut the cash rate by a further 25 basis points to a historic low of 0.75 per cent, yet the banks failed to follow suit.
ABC 7.30's Leigh Sales said Government criticism of the big banks was just “hot air” that didn’t change anything. Picture: ABC.“We continue to put pressure on the banks and ultimately it is the customers who can vote with their feet and go to their bank and seek the best possible deal. And if not take the business elsewhere.”
He said Prime Minister Scott Morrison had written to state premiers about bringing infrastructure projects forward. With China and the US locked in a trade war, however, a few hundred dollars of tax cuts was just a drop in the fiscal ocean. Besides, said Mr Frydenberg, that was a promise the Coalition took to the election and they were jolly well going to fulfil it.Source:SuppliedThere was already billions going in that direction, said the Treasurer: “We have $7 billion committed to immediate needs for income support for local governments, support for not-for-profit organisations who distribute vouchers to farmers and long term investment in water infrastructure to build the drought resilience of the communities.
Source: Loan Digest (loandigest.net)
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Big banks fail to pass on full savings | Sky News AustraliaTwo of the big four banks have failed to pass on interest rate cuts to customers in full, after the cash rate was cut to an historic low on Tuesday. \n\nReserve Bank Governor Phillip Lowe already flagged there may be more cuts on the way if the economy does not respond.\n\nThe RBA cut the cash rate by 25 basis points to 0.75 per cent on Tuesday - the first time Australia has seen interest rates fall below 1 per cent. \n\nThe first to move was the nation’s biggest, the Commonwealth Bank of Australia, which only passed on a cut of 0.13 per cent to owner occupiers and investors paying principle. \n\nShortly afterwards the National Australia Bank announced it would only cut its rates by 0.15 per cent.\n\nANZ and Westpac are yet to announce their intentions. Well we should all pull our money out then it’s not a bank Banks who fail to pass on the full rate cut should have taxes increased to remove it from them ... if the rate cut is a stimulus then banks need to get out of the way ... greed!!!
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