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Swan pushes banks
Treasurer Wayne Swan has once again urged banks to pass on the full interest rate cut the Reserve Bank of Australia (RBA) made on Tuesday.
The RBA announced it would cut the cash rate by a quarter of a percentage point to 3.25 per cent in response to a weakening outlook for global economic growth.
Mr Swan said on Wednesday many of the retail banks "have form" in not passing on full cuts but families and small businesses with mortgages deserved the cut.
"I think we'll see a variety of responses from a variety of financial institutions," he told ABC radio.
"From my point of view, the banks should not keep some of this rate cut back, they should pass it through in full."
Borrowings at $150Bn or $17,241 per Tax Payer, very manageable. Australia's economy is one of the best performing (if not the best) first world economies on the planet, end of story.James W Monday 19 November, 2012 - 11:07 AM
the borrowing and spending still out of control, and where is the budget suplus.
Rich here is another one in LaLa land still believing in the Europe gang of idiots.mick Monday 19 November, 2012 - 7:17 AM
mick, good news, the IMF has given Australia's economy a big tick. The IMF is forecasting growth of 3.25 per cent in 2012 for the Australian economy, faster than any major advanced economy.James W Sunday 18 November, 2012 - 5:49 PM
I know that you live in LA LA land but no one has denied the economy is strong.
What we are saying to those in LA LA land is that Swann and Gillard should claim ownership of our geography and China's insatiabale appetitite for our mineral resources.Rich Wednesday 10 October, 2012 - 10:23 AM
Yes Gayle and Rich(ard), still living in the world of gloom and doom I see. Those ratbags at the IMF have this to say about the Australian economy "AUSTRALIA is now the 12th largest economy on the planet, and the standout performer among advanced economies according to the International Monetary Fund. "
And we still have THREE TripleAAA ratings despite a worldwide recession eating into everything - amazing.Bob Lord Wednesday 10 October, 2012 - 6:47 AM
I don't deny that Swannie/ Gillard/Rudd have achieved nothing and yes the facts do speak for themselves, they have achieved what was previously unimaginable they have put us into $250 Billion DEBTGayle Tuesday 9 October, 2012 - 4:13 PM