Interest rate cuts a victory for drought affected farmers

Australian-dollars

The RBA board cut the cash rate for the first time in almost three years – down 25 basis points to 1.25 per cent.

Decisions by Rabobank, National Australia Bank and Commonwealth bank to pass on full Reserve Bank interest rate cuts are a victory for many drought stricken farmers, according to Minister for Drought David Littleproud.

The three lenders are the biggest agri-lenders and their decision to pass on the full rate cut follows Minister Littleproud’s call to do so yesterday.

“Farmers can now get the full benefit of the Reserve Bank’s interest rate cut,” Minister Littleproud said.

“It’s fantastic to see Rabobank, National Australia Bank and the Commonwealth Bank do the right thing. They deserve credit for that.
“Farmers in drought need every bit of relief they can get.”

However Minister Littleproud slammed the ANZ and Westpac banks after they ignored calls to pass through the full RBA interest cut to customers.

“I call on ANZ and Westpac to immediately change their decision and pass on the full interest rate cut,” Minister Littleproud said.
“Even the Reserve Bank Governor has taken the unusual step of saying this interest rate cut should be passed on in full and points out lending costs for banks have reduced.

“Now is not the time for profiteering. I encourage customers at these banks to consider switching to another bank. It seems ANZ and Westpac haven’t learned a thing from the banking Royal Commission and are keen to reduce trust in banks even further.”

The RBA board cut the cash rate for the first time in almost three years – down 25 basis points to 1.25 per cent.

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