Banks drag the chain on business rate cuts
By Rohan Gamble · 23 December 2011 · Economy
By Rohan Gamble · 23 December 2011 · Economy
The Reserve Bank's interest rate cut is supposed to help everyone, but small businesses are being left behind. Find out why they're missing out on the full benefits and how it's affecting them.
When the Reserve Bank cut interest rates, home owners arm-wrestled the banks into passing on the cut. But, as Rohan Gamble finds, small businesses aren’t as lucky: “Small businesses aren’t just missing out on full rate cuts, business lenders are taking almost double the amount of time to implement the rate reductions.”
Tags: ANZ Bank, business loan, CBA, citibank, Commonwealth Bank, interest rate cut, Interest Rates, Mozo