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Australian Banks take 10 days to pass on rate cuts, seven days to pass on rate rises
BIG banks have rushed to pass on Reserve Bank interest rate rises, but dragged their feet in lowering rates in response to official cuts, sparking claims they are profiting from the delays. In the six changes in official rates since May 2010, it took the big four lenders, on average, more than 10 days to pass on reductions to mortgage holders, an Age analysis has found. In contrast, it took less than seven days for rate rises to take effect. The Commonwealth Bank was the worst offender, passing on the two rate rises since May 2010 just three days after the Reserve made its decision. But when interest rates were ... (full story)
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