The Reserve Bank of Australia (RBA), at its June monetary policy meeting held this Tuesday, reduced its official cash rate (OCR) by 0.25bps to a record low of 1.25 percent, the first rate cut after the thirtieth straight meeting with the status-quo.
Australian Treasurer Frydenberg was out on the wires last minutes, responding to the Reserve Bank of Australia (RBA) rate cut announcement, with the key headlines found below. The rate cut welcome news for households, business. The expectation that banks pass on rate cut in full.
They received this rate because they are the least likely to default. Banks have little risk with these loans. They're happy to pass these cost savings onto these.
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The Reserve Bank has cut the official cash rate by 25 basis points, which should help mortgage holders but is being seen as a sign of a struggling economy.
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The Reserve Bank’s two consecutive cuts have taken its cash rate to a record low of one per cent. Treasurer Josh Frydenberg said the banks must fall in line. "The government expects all banks to pass.
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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, media reported on Tuesday.
ANZ boss and present aba chief shayne elliott has effectively destroyed the carefully orchestrated plan around today’s rba rate cut by only. which suggested it would pass on the full extent of the.
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Swan warns banks to pass on rate cuts 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 issues associated with interest rate cuts; I will be making frank and fearless comments about that," Mr Swan said.
“I’m aware of what the Treasurer has been saying and I have do doubt that he would very much like the banks to pass on the full rate cut, particularly here a few weeks before Christmas,” Mr.