Australian banksAustralian interest rates

Are banks gouging small business?

David Llewellyn-Smith
Thursday, 3 October 2019
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So says The Australian:

Small business lending rates have barely fallen and those for credit cards have increased in the wake of three cuts in the official interest rate by the Reserve Bank to help spur economic growth.

As the big four banks endure a political backlash for not fully passing on the RBA’s latest cut for mortgage holders, analysis of the RBA’s database reveals the average interest rate on small business loans has fallen 0.23 percentage points to 7.07 per cent between May and the end of September.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.