BoQ business borrowers get full rate cut

The Bank of Queensland passed on the full recent RBA rate cut to its business clients. The big four banks, however, are yet to act.

The Australian Chamber of Commerce and Industry said the major banks took up to two weeks to react to the November rate reduction, and even then not all of the banks passed on the full amount to their customers. “This is unacceptable and should not be repeated as it is frustrating the intention of the Reserve Bank in helping out weaker areas of the economy,” the chamber's director of economics Greg Evans said.

The NSW Business Chamber last night joined the calls, suggesting any delay would only hinder the recovery of the economy. RBA statistics have shown the difference between the amount small businesses paid above homeowners was more than 1 per cent over the past four years. In 2007, that number was closer to 0.25 per cent.

Source: The Daily Telegraph