Political leaders have told bank bosses they should pass on the full cut in official interest rates to customers or risk Australians doubting they've changed their ways since the banking royal commission. The Reserve Bank has reduced the cash rate to a record low 1.25 per cent. Despite there being no legal obligation for banks to lower interest rates on loans or credit cards in line with the cash rate, treasurer Josh Frydenberg has urged the four big banks to pass on the benefits of a lower rate in full. It may take a while to see if the rate cut will have any major impact on buyer confidence in the property market.
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