PM urges banks to pass on most of cut
KEVIN Rudd has welcomed the Reserve Bank's interest rate cut and called on banks to pass on as much as possible to borrowers.
PRIME Minister Kevin Rudd has welcomed the Reserve Bank's interest rate cut and called on banks to pass on as much as possible to borrowers.
"We believe that given the pressures which borrowers face they should be able to give maximum pass-through to working families and small businesses," Mr Rudd said in Brisbane today.
"We want to make sure those who are currently borrowers get relief but at the same time maintaining the stability of the Australian banking system.
“The cornerstone of our system is the continued stability of the Australian banking system."
Treasurer Wayne Swan said the RBA decision would strengthen the economy and provide relief to families and business.
"The Government expects the banks will pass the full rate cut when conditions normalise," he said.
“It is reckless behaviour to pretend the funding costs of the banks have not gone through the roof."
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