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National Australia Bank (NAM) today confirmed it will pass on a 0.25 per cent reduction should the RBA cut the official cash rate next month.
“If the Reserve Bank of Australia reduces the official cash rate by 0.25 per cent at its September board meeting, NAB will reduce its standard variable interest rate by 0.25 per cent to 9.36 per cent,” Ahmed Fahour, NAB chief executive, said today.
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The promise comes amid speculation that borrowers may not see the full benefit of a reduction to the cash rate.
Mr Fahour said the recent fall in short-term funding costs has made the decision to move in line with the RBA possible, adding that future interest rate decisions would need to reflect an assessment of current funding costs.
Published: 21-08-08
