The NSW Premier has implored banks to think twice before passing on the latest cash rate hike, accusing them of “double standards”.
NSW Premier Dominic Perrottet has called on the banks to think twice before passing on Tuesday’s Reserve Bank (RBA) rate hike, imploring financial institutions to “look after” struggling families.
Australia’s interest rate now sits at 3.35 per cent after the RBA hiked rates by 25 basis points in its ninth consecutive rise.
Of the big four banks, ANZ and NAB have passed on the full increase, which will come into effect from February 17. Commonwealth and Westpac have yet to announce their stance.
Appearing on Today, Mr Perrottet accused the financial institutions of “double standards” when it came to passing on rate hikes in full but ignoring rate cuts.
Mr Perrottet was NSW Treasurer from 2017 to 2021 when falling cash rates hit historic lows of 0.1 per cent in November 2020. He said just once did the banks pass on the rate cuts in full.
“It is double standards. It is not about the Reserve Bank and the rate,” he said.
“It is about the fact that when the Reserve Bank was cutting rates, the banks weren’t there. But they’re certainly there when they’re increasing them.”
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