SURPRISE RATE CUT PUTS PRESSURE ON BANKS
Written on the 4 October 2012
RETAILERS have called on banks to pass on in full today’s surprise cut to the official cash rate.
National Australia Bank and Commonwealth Bank followed suit, cutting their mortgage rates by 20 basis points. NAB's rate is 6.58 per cent, while CBA's is 6.6 per cent, effective Monday.
ANZ will anounce its decision on Friday.
Australian Retailers Association executive director Russell Zimmerman says the RBA decision is a boost for the sector, but only if it is passed on in full by the banks.