It like the ANZ will not pass on the rate cut in full, but it says there will be a reduction of 0.35% for investor customers with interest-only payments. Anyway, we’ll get more details about that as it comes to hand, but that is the light breaking news.
So, why aren’t the banks passing on the rate? Find out more here; ANZ was the only major bank to pass on the full 0.25 cut this month, after earning a clip round the ear from Treasurer Josh.
· Election 2016: Scott Morrison warns banks not to pass on ASIC costs Phillip Coorey Political Editor Updated Apr 20, 2016 – 6.54pm , first published at 8.21am
The major banks margins would be squeezed if they pass on future interest rate cuts in full, analysts say.Credit:Paul Rovere When official interest rates fell in June, the Treasurer Josh Frydenberg.
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An historic interest rate cut and lower income tax could benefit two-income families to the tune of $3000 a year, Treasurer Josh Frydenberg says.
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· However, Labor and unions say the decision by the Reserve Bank to lower the cash rate by 0.25 percentage points to a record low 1.25 per cent.
An historic interest rate cut and lower income tax could benefit two-income families to the tune of $3000 a year, Treasurer Josh Frydenberg says. The Commonwealth Bank and NAB said they would pass.
SYDNEY, June 4 (Reuters) – Australia and New Zealand Banking Group on Tuesday resisted government pressure to pass on a central bank rate cut in full, drawing a rebuke from the treasurer. As expected,
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· * Australian cbank cuts rates by 0.25%, second in two months * Only ANZ passes on full cut to customers * Banks say mitigating mortgage rate.
Swan warns banks to pass on rate cuts treasurer Wayne Swan has told the nation’s biggest banks to pass on rate cuts, warning them he has weapons to make the banking system more competitive.