Australian Treasurer Urges Banks to Pass on Central Bank Rate Cut

Australian Treasurer Josh Frydenberg has recently indicated the government is considering introducing more flexibility to the nation’s retirement saving system. Sam Mooy/Getty Images

Treasurer Josh Frydenberg has told the retail banks to pass on the Reserve Bank’s cut in the cash rate, to a record low of 0.1 per cent, to customers.

As widely flagged by economists, the central bank cut the cash rate and other key rates to a record low 0.1 per cent from 0.25 per cent at its monthly board meeting on Tuesday.