October 2, 2019 / 6:49 AM / 12 days ago

Australia PM says disappointed in banks for not passing on rate cut in full

SYDNEY, Oct 2 (Reuters) - Australian Prime Minister Scott Morrison said on Wednesday he was disappointed in the country’s major banks for their decision to deny borrowers the full benefit of the latest central bank monetary easing.

On Tuesday, the Reserve Bank of Australia (RBA) cut its benchmark rate for a third time this year by 25 basis points (bps) to an all-time low of 0.75%.

The nation’s four biggest lenders — Commonwealth Bank of Australia, Westpac Banking Corp, ANZ Banking Group and National Australia Bank — later lowered their variable mortgage rates by between 13 bps and 15 bps. (Reporting by Swati Pandey; Editing by Kim Coghill)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below