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Australian PM urges banks to pass on rate cut
Country: Australia
6 February 2009
Australian Prime Minister Kevin Rudd is asking the country’s banks to pass on the latest interest rate cut in full and as soon as possible, which would in turn lower the cost of borrowing a mortgage to buy a property in Australia.
Australia's central bank cut interest rates by 1% to a record low of 3.25% this week in attempt to protect the economy from the global downturn, just hours after Rudd released a A$42bn (£14.8bn) stimulus package to boost the economy.
The central bank has now cut the official cash rate by 4% since September 2008, but is disappointed that the full benefits have not been passed on to borrowers.
Prime Minister Rudd said that there should be a "full pass through" of any further interest rate reductions "as rapidly as possible".
Australia’s First Bank, Westpac, has already cut variable mortgage rates by 1% to 5.91%.
£1 = A$2.23
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