Wednesday 2nd November 2011

Very briefly

by Alan Thornhill

The Federal Treasurer, Wayne Swan, has blasted the National Australia Bank, which announced today that its home loan customers will get only a 20 basis point cut in their mortgage rates, even though the other big banks are all passing on the full 25 point cut, announced by the Reserve Bank.

“It’s a kick in the guts to working families,” Mr Swan said.

It’s a greedy decision from the NAB and it is not justified in my view by fundamentals,’’ he added.

However, the NAB said its standard variable home loan rate is still the lowest offered by any of the major banks.

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Profile

Alan Thornhill is a parliamentary press gallery journalist. Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.

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