(07 December 2012 – Australia) Federal Treasurer Wayne Swan has said banks did not have any justification for holding back this round of interest rate cuts.He urged customers yet again that if they are unhappy the government’s reforms would make it easier to switch banks.
Swan heaped praise on online bank ING Direct for passing on the Reserve Bank of Australia (RBA)’s full 25 basis point cut.
The Commonwealth Bank of Australia (CBA) joined Westpac and the National Australia Bank (NAB) in cutting its standard variable rates 20 basis points, just shy of the RBA’s cut of 25 basis points.
ANZ is sticking with its tradition of announcing its decision on the second Friday of the month, which will be 14 December.