Reserve bank interest rate announcement: What you’ll save if banks follow the RBA

Australia’s big four banks are coming under fire for being slow to react to the Reserve Bank of Australia’s decision to cut the cash rate to a record low 0.1 per cent from 0.25 per cent on Tuesday.

Westpac, ANZ, National Australia Bank and the Commonwealth Bank have so far failed to reveal if they will pass on any rate cuts to new or existing customers.

Research director at, Sally Tindall, is now calling the big four banks to follow the lead of the Reserve Bank.

“Governor Lowe has made it clear he expects these rate cuts to be passed through to borrowers,” she said.

“It appears the big four banks are playing a game of poker, waiting for their opponents to show their hand.”

Mortgage repayments will drop if banks pass on the RBA’s rate cut. Credit: AAP

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