The Commonwealth Bank of Australia and National Australia Bank (NAB) have chosen not to pass on a 25 basis point interest rate cut by the Reserve Bank of Australia, aimed at boosting the nation's flagging economy, to their customers. Instead, both lowered their standard variable owner-occupier interest rates by 19 basis points, and NAB said it would cut deposit rates by 19 basis points. two months Australia and New Zealand Banking Group offered an 18 basis point reduction after a 25 point central bank rate cut. ANZ said it would pass on the latest cut in full.
The Commonwealth Bank of Australia and National Australia Bank (NAB) have chosen not to pass on a 25 basis point interest rate cut by the Reserve Bank of Australia, aimed at boosting the nation's flagging economy, to their customers. Instead, both lowered their standard variable owner-occupier interest rates by 19 basis points, and NAB said it would cut deposit rates by 19 basis points. A month earlier Australia and New Zealand Banking Group offered an 18 basis point reduction after a 25 point central bank rate cut. ANZ said it would pass on the latest cut in full.