Federal Agriculture Minister David Littleproud says banks can show they’ve got the backs of farmers by immediately passing on in full today’s rates cut.
The Reserve Bank of Australia has cut interest rates from 0.5 per to 0.25 per cent.
“I’m calling on the banks to do the right thing by Australian farmers and pass on the full cut now,” Minister Littleproud.
“The Reserve Bank has made this extraordinary move to keep the economy going.
“This is an economy already in recovery from the drought and bushfires.
“Now we are facing the challenge of coronavirus.
“Rural and regional communities especially are feeling the impacts.
“The Government has their backs.
“But we are all in this together and the banks can play a leading role by cutting their rates by the full 0.25 per cent and providing relief now.”