Treasurer Josh Frydenberg has urged customers to shop around after Australia's big four banks refused to pass on the Reserve Bank's record low interest rates cuts in full. 9News
Treasurer Josh Frydenberg has urged customers to shop around after Australia's big four banks refused to pass on the Reserve Bank's record low interest rates cuts in full.in a bid to drive up wage growth and reduce unemployment.
The Commonwealth Bank only cut its standard variable rate for home loan customers by between 0.13 and 0.25 per cent, while NAB announced it will also lower its variable interest rates to between 0.15 and 0.30 per cent.Frydenberg said it was disappointing to see the big four refusing to pass on the cuts in full.
"The Reserve Bank itself has pointed to the lower borrowing costs for the banks and their expectation that these interest rate cuts are passed on. It's not just the Government that they are going against here, they are also going against the advice of The Reserve Bank," he told Today.
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