Labor backbenchers push for full rate cut from banks
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A Federal Government backbencher says he would like to see the banks pass on the full amount of any cut to official interest rates today.
Treasurer Wayne Swan is not pressuring the banks to respond to an official cut in full because of their soaring borrowing costs amid the global financial crisis.
Backbencher Bernie Ripoll is quoted in today's Courier Mail newspaper saying the banks should pass on 100 per cent of any cut announced by the Reserve Bank board.
But he has told ABC Local Radio in Brisbane this morning that he realises that might not be possible.
"What I said is I'd like to see the banks pass on 100 per cent, of course I would like them to do that," he said.
"If they're saying they can't do that and if they have a genuine reason why they can't pass on 100 per cent then let's see them pass on as much as they possibly can."
Another Labor MP Chris Trevor says anything less than the full rate cut would be very disappointing.
