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AUSTRALIAN BANKS MUST PASS ON RATE CUTS TO BORROWERS: PM.
CANBERRA, Aug 1 Asia Pulse - Prime Minister Kevin Rudd has warned banks they have a "responsibility" to pass on to borrowers any cut in official interest rates.
Economic data showing a slump in housing approvals, weak retail spending, and consumer and business pessimism have led to calls for a cut in interest rates, presently at 12-year highs.
Economists are tipping the Reserve Bank of Australia will reduce the official cash rate before the end of the year.
Commonwealth Bank (ASX:CBA) chief Ralph Norris has declined to guarantee the CBA would lower its interest rates if official rates were cut.
"I think the banks ...
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Source: HighBeam Research, AUSTRALIAN BANKS MUST PASS ON RATE CUTS TO BORROWERS: PM.