Swan pushes banks

Date

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."

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