FED:Wong urges banks to pass on rate cut=3

AAP General News (Australia)
12-07-2011
FED:Wong urges banks to pass on rate cut=3

Opposition Leader Tony Abbott says Mr Swan should ensure the big four banks to pass
on rate cut in full.

"Wayne Swan keeps telling the banks that they should pass interest rate cuts on in
full and pretty consistently they thumb their nose at him," he told ABC Radio on Wednesday.

"(The banks) should be passing on rate cuts in full.

"That's what happened under the former government, that's what the current treasurer
says should happen and the current treasurer should use his authority and try to ensure
that it happens.

"Unfortunately ... he might be the world's greatest treasurer but he doesn't seem to
have a lot of authority with local banks."

AAP ra/tr/jel/

KEYWORD: RATES 3 SYDNEY

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