PHOTO: Treasurer, Mr Josh Frydenberg 


Why has the treasurer of Australia, Mr Josh Frydenberg let the banks off the hook for not passing on the full interest rate cut when the RBA reduced interest rates by 0.25% of a 1% earlier this week to stimulate the economy.

Two of the big banks CBA & NAB have refused to pass on the full interest rate cut to their customers, profiting on the back of everyday Australians.

When the Treasurer, Mr Josh Frydenberg was interviewed by Ross Greenwood on the today show of Channel 9, instead of bringing the banks to account threatening them with new legislation to force them to pass on 100% of the rate cut he put the earnest on the customers to shop around for a better deal.

The process of changing lenders is very difficult and intrusive, and the banks have too much control over their clients.