Australian Banks under pressure to pass on interest rate cut

The Reserve Bank of Australia yesterday cut the official cash rate by 50 basis points in a surprise move, resulting in the biggest rate cut seen since the global financial crisis.  However it is still to be seen whether the big four banks will make substantial cuts to their lending rates as a result.

Bank of Queensland was the only lender to react yesterday, cutting its standard variable rate by 35 of the recommended 50 basis points.  

ANZ won't announce its decision until next Friday, while Commonwealth Bank, Westpac and NAB are expected to make announcements in the coming days.

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