Rate cuts cushion economy
Tuesday, April 07, 2009
Treasurer Wayne Swan says the 25 basis point cut in the official cash rate will help cushion the Australian economy.
'These rate cuts will help cushion the Australian economy against the ... global recession,' he said.
The Reserve Bank of Australia (RBA) cut the official cash rate by 25 basis points to three per cent on Tuesday, the lowest level in 49 years.
Mr Swan called on banks to pass on the cut to consumers.
'I always encourage not only the chief executives, but also anyone I run into associated with the banks .... to pass on as quickly as they possibly can any rate cut.'
