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Wayne Swan

Swan pleased big 4 banks have cut rates

Wayne Swan 26%

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TONY EASTLEY: The last of the big four banks fell into line last night announcing they'd pass on the Reserve Bank's quarter of 1 per cent interest rate cut.


It followed a concerted campaign by the Federal Treasurer Wayne Swan.


However the ANZ Bank has hit out at the political pressure it and other banks received saying from now on it will review interest rates once a month and move independently of the Reserve Bank.


The Treasurer Wayne Swan told Alexandra Kirk he's pleased that all four big banks cut their interest rates, coming at an important time on the calendar.


WAYNE SWAN: Well this is certainly a big win for families and smll businesses close to Christmas when budgets are always stretched.


ALEXANDRA KIRK: Are you claiming credit for that?


Read more: AM (December 9, 2011)

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