Westpac chief executive Anthony Miller said an expected Reserve Bank interest rate cut on Tuesday will provide a leg-up for businesses by reducing budget pressures on mortgage holders, backing Commonwealth Bank’s boss who also believes lower rates will drive corporate confidence.

Given the looming federal election, major banks are expected to pass any cash rate reduction through to mortgage customers as early as Tuesday afternoon. Financial markets are pricing in a 96 per cent chance of a cut to the cash rate on Tuesday to 4.1 per cent from 4.35 per cent.