Newspaper article The Chronicle (Toowoomba, Australia)

Banks Fall Short of Passing on Full Cut to Rates

Newspaper article The Chronicle (Toowoomba, Australia)

Banks Fall Short of Passing on Full Cut to Rates

Article excerpt

Byline: Adam Carroll

THE Westpac and Commonwealth banks have fallen short of passing on the full 0.25% interest rate cut announced by the Reserve Bank last Tuesday.

Early on Friday ANZ ended three days of waiting for at least one of the big four banks to respond to the RBA's decision to cut the cash rate to 3.5%.

ANZ cut its variable home loan rate by the full 25 basis points to 6.8%, which will come into effect on June 15. ANZ also cut its small business loan rate by 0.25%.

The Commonwealth announced after 5pm it was cutting its standard variable home loan rate by 0.21% to 6.8%, effective from June 18. An hour earlier Westpac revealed it was cutting its variable home loan rate by 20 basis points to 6.89%, effective June 18. The bank cut its small business loan rate by 25 basis points.

NAB is yet to announce its plans.

Treasurer Wayne Swan told reporters in Brisbane that ANZ would be the winner if the other big four banks did not follow suit and pass on the RBA cut in full. …

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