Why CBA and Westpac were so quick to cut

The banks scrambling around to pass on the rate cut could be a signal of their own concerns about the slowdown in the economy.

Now that’s something you don’t see too often! Less than 24 hours after the Reserve Bank cut official interest rates the major banks were scrambling to pass the reduction through to home loan rates.

The big banks have always been quick to pass on rate increases and slow to move in the opposite direction. The alacrity with which Commonwealth Bank and Westpac moved is unusual, which may be a function of both the competitive and economic settings.

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