The Treasurer Fails to Stand Up to the Big Four Banks

Pictured- Mr Josh Frydenberg, Treasurer of Australia 2019

“Why has the treasurer of Australia, Mr Josh Frydenberg let the banks off the hook for not passing on the full interest rate cut when the RBA reduced interest rates by 0.25% of a 1% earlier this week to stimulate the economy”, commented Mr Glenn Farah, Partner at NGFarah.

Two of the big banks CBA & NAB have refused to pass on the full interest rate cut to their customers, profiting on the back of everyday Australians. When the Treasurer, Mr Josh Frydenberg  was interviewed by Ross Greenwood on the today show of Channel 9, instead of bringing the banks to account threatening them with new legislation to force them to pass on 100% of the rate cut he put the earnest on the customers to shop around for a better deal.

The process of changing lenders is very difficult and intrusive, and the banks have too much control over their clients.

The federal government of Australia needs to be held to account to stop the big banks holding their mortgage holders to ransom and not passing on the rates cuts which are meant to stimulate the economy not their bottom line.

This has an effect of stifling economic growth, short changing every day Australians and damping confidence and restricting the growth of new jobs.