Well, that didn’t take long. BOQ has cleverly slipped under the skirts of the announcement to declare that it will pass on only 20bps of the rate cut. From the AFR:
“Given the continuing pressure on the cost of funding a 20 basis point reduction is the best balance between our customers and shareholders. We are also conscious of pressure facing all of our customers, including those with home loans and those with deposits, and believe the 20 basis point cut also strikes a fair balance between the two.”
Only problem, right now at least, the costs of funding are as low as they have been in over a year:
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