‘We urge the banks to reconsider their decisions’: Cormann

Finance Minister Mathias Cormann says the government respects the Reserve Bank’s decision to cut rates but is disappointed in the big four banks' responses to the announcement. Mr Cormann told Sky News, “We would have liked to see the banks pass on the official cash rate in full. We would still urge the banks to reconsider their decisions.” It comes after the big four banks failed to pass on interest rate cuts to customers in full when the RBA cut the cash rate to 0.75 per cent on Tuesday. Image: News Corp Australia

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