Australia's commercial banks need to pass on to their customers any future interest rate cut by the central bank, Treasurer Wayne Swan said Monday.
We would like to see any official rate cuts passed on as soon as possible, Swan told reporters.
The Reserve Bank of Australia is due to announce its monetary policy decision on April 7. Economists have different opinions regarding the decision as some expects the central bank to leave the rate on hold for the second straight month, while others predict the RBA to resume easing.
We do acknowledge there's a complex set of factors out there and funding costs have been bouncing around, Swan said.
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