Andrew Laming (Bowman, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Can the Treasurer update the House on today's decision by the Reserve Bank and any responses to their decisions?

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Bowman for his question. I can inform the House that earlier today the board of the Reserve Bank of Australia reduced the cash rate by 25 basis points, to half a percentage point, to support the Australian economy in the face of the spread of the coronavirus. I'm pleased to announce to the House that both Westpac and the Commonwealth Bank have passed on the 25 basis point rate cut in full, responding to the Prime Minister's call. Now I call upon the other banks to pass on the rate cut in full. As the noted economist Chris Richardson has said, both fiscal and monetary policy are supporting economic growth. The country is coming together in the face of the significant economic shock that we face. We welcome the announcement today by both Westpac and the Commonwealth Bank, and we call on the other banks to follow suit.

Scott Morrison (Cook, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I ask that further questions be placed on the Notice Paper.