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

MEDIA: Rachael Storey – 0467 741 310 Tuesday 6 December 2011 NSW TREASURER WELCOMES RATE CUT AND URGES BANKS TO PASS ON IN FULL NSW Treasurer Mike Baird today welcomed the decision by the Reserve Bank Board to reduce interest rates for the second consecutive month and called on the Nation’s banks to pass the cut on in full to consumers.

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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 bank’s failure to pass on rate relief to existing borrowers is set to boost its revenue line over the next 12 months by at least million. westpac, which has chosen to pass on only a 0.20 rate cut to owner occupiers, minimised scrutiny after releasing details of its repricing late on Tuesday evening.

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 · Australia’s re-elected coalition said on Tuesday it would struggle to deliver tax breaks for tens of millions of voters by July 1, a cornerstone of its election campaign, as the central bank called for stimulus to aid a slowing economy. treasurer Josh Frydenberg said parliament may not convene in

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 · Treasurer Wayne Swan welcomed the cut, immediately taking credit for giving the central bank the room needed to move rates down via the Government’s promised Budget surplus at.

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Mr Fydenberg said the bank had let down its customers who were facing cost of living pressures and reneged on an expectation that it would pass on the full rate cut. “ANZ has some explaining to do,”.

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.

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.