Not a fan of the RBA but glad they said this, the Aus banking cartel really needs to be burnt as they are price gouging and always have been! ditch the big four!
ANZ and Westpac failed to pass on the full 0.25% cut from the Reserve Bank to its mortgage customers and immediately faced pressure from the central bank. Governor Philip Lowe told an RBA business dinner in Sydney on Tuesday night that banks that failed to pass on all of its official rate cut risked undermining the economy. Dr. Lowe said there were no excuses for those banks that did not lower their standard mortgage rates by the full amount. Westpac announced a 0.20 percentage point cut to its variable home loan rates for owner-occupiers, and a 0.35 percentage point reduction for investors with interest-only loans. ... (full story)