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1.Market Observations, 8.Was Sticky

2 Oct 2019 (TheAge) – Big banks hold back on rate cuts as RBA worries grow

(2 October 2019, The Age, p1, By Eryk Bagshaw and Shane Wright)

Reserve Bank cash rate since 2001 (RBA,TheAge)

Reserve Bank cash rate since 2001 (RBA,TheAge)

‘The big four banks have baulked at quickly passing on an official interest rate cut to consumers in full, defying the Reserve Bank and Treasurer Josh Frydenberg as the central bank attempts to pump more money into the economy. The RBA took the cash rate to a fresh record low of 0.75 per cent on Tuesday, as rising unemployment, stubbornly low wages growth and a $US300 billion US-China trade war shackle business confidence and turns customers away from shops. The RBA will consider implementing unconventional monetary policy measures including printing money to buy government bonds if interest rates hit 0.5 per cent. ‘


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