2025-02-18
The Australian Greens say the Reserve Bank’s decision to cut interest rates will do little to provide relief for households being smashed by the cost-of-living crisis, and have called on the big banks to pass on more than a 25 basis point cut.
Quotes attributable to Australian Greens Treasury spokesperson, Senator Nick McKim:
“The Reserve Bank has cut rates by 25 basis points today, the big banks should now cut their rates by 50.
“Bank corporations are happy to increase their mortgage rates by more than the RBA puts them up when it suits them. They should do the same now rates are falling.
“People need relief, and the obscene profits of the big banks give them plenty of room to move.
“Last year the big four banking corporations reported a combined profit after tax of $29.9 billion. They can afford to do some of the heavy lifting to provide people with interest rate relief.
“People need cost-of-living relief now. We should be taxing the big corporations and billionaires to fund the things people need, like getting dental and mental health into Medicare, and seeing the GP for free.
“We should be tackling the soaring cost of rents and groceries by capping rent increases and ending supermarket price-gouging.
“This election, we can’t keep voting for the same two parties and expecting a different result.
“There will be a minority government and the Greens are within reach of winning seats right across the country. Last time there was a minority, the Greens got dental into Medicare for kids.
“With a minority government, the Greens will keep Dutton out and get Labor to act.”