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

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The central bank’s cut aims to stimulate borrowing and investing to increase economic growth. treasurer josh frydenberg believes that there is no reason why the major banks could not have passed on a full rate cut, according to a report by The West Australian. "We know that people can move between banks and seek a better deal as well, and I’d encourage them to always look for the best.

Australian treasurer urges banks to pass on any rate cut: media Tue, Jun 04, 2019 – 7:47 AM The Reserve Bank of Australia (RBA) is widely expected to cut rates on Tuesday to a record low of 1.25 per cent from 1.5 per cent in what would mark the first rate change in nearly three years.

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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.

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.

The Reserve Bank of Australia (RBA) has cut the official cash rate to a new record low of 1 per cent, in line with the expectations of most industry pundits.

Reserve Bank of Australia. The Reserve Bank sets the target cash rate’, which is the market interest rate on overnight funds. It uses this as the instrument for monetary policy, and influences the cash rate through its financial market operations.

Treasurer Josh Frydenberg. demanding the major commercial banks pass on an interest rate cut if the Reserve Bank slices the official cash rate to 1.25 per cent next week. "I expect all banks to.

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The big four banks will each pay $300m to $400m a year under the budget levy. Photograph: Bloomberg via Getty Images Treasurer Scott Morrison has publicly implored big banks not to pass on. pass on.

The slowing economy is a worry for the Australia’s newly elected government, which had urged high street banks to pass on the RBA rate cut to borrowers. Josh Frydenberg, Australia’s treasurer,