An historic interest rate cut and lower income tax could benefit two-income families to the tune of $3000 a year, Treasurer Josh Frydenberg says.
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The Government’s tax cuts passed through Parliament last week, with stage one soon to be seen in bank accounts as people lodge their tax returns. On past behaviour, UBS economists estimate that half the returns will be lodged by the end of September, another quarter by the end of this year and the remaining quarter over the first half of 2020.
Swan warns banks to pass on rate cut. 3:38pm Feb 5, 2012. would be very angry if they failed to pass on an interest rate cut in full, Treasurer Wayne Swan says.. very angry if they don’t.
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The treasurer said that it would be necessary to boost the average homeowner’s property tax by $20 a year and income tax by $75 a year.
· Treasurer to banks – “we expect rate cuts” Only two of the big four banks – Commonwealth Bank and NAB – passed on the full 25 basis point rate cut to customers last month, something that drew the ire of the Treasurer Josh Frydenberg, with ANZ in particular copping a lashing.
Swan warns banks to pass on rate cuts The Treasurer, Wayne Swan, gave notice yesterday that he would be pushing the banks to pass on any rate cut granted next week. "I won’t be pulling back from my discussion about the important issues associated with interest rate cuts; I will be making frank and fearless comments about that," Mr Swan said.
Pass on rate cut, Treasurer warns banks Treasurer Josh Frydenberg is urging big banks to pass on a likely central bank interest rate cut after raising the findings of the banking royal commission. Australia One News Page[Aus]: Monday, 3 June 2019
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