By Joe Montero
The Reserve Bank has just cut the interest rate by 0.2 percent. While this might please mortgage holders and others paying oof debt, the question whether and by how much will the banks transfer this to their customers. Regardless of this, the government will not resist the temptation to talk this up as a testament to its good management of the economy. As for the banks. The small ones say they are passing the cut on. The big four have said no such thing. All they have committed to so far is that there will be a cut. They haven’t said by how much. Continue reading The Reserve Bank’s interest cut and the growing indebtedness of Australia
