Treasurer Joe Hockey has demanded banks pass on the interest rate cut immediately.
The Reserve Bank on Tuesday cut the cash rate by a quarter of a percentage point, taking it to a record low of 2.25 per cent.
But the big banks have yet to pass on the savings, prompting a call for action from Mr Hockey.
"The flow-through to the Australian economy is significant, and importantly it must be immediate," the treasurer told ABC radio.
"I say again to the Australian banks pass it on in full now, not just to home owners, but importantly small business and credit cards as well."
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