‘Pass this cut onto borrowers': Former Qld premier Steven Miles' post on RBA rate cut roasted
Queensland Labor leader Steven Miles sparked a heated reaction on social media after expressing support for the Reserve Bank of Australia's recent decision to cut interest rates.
On Tuesday, the RBA lowered the cash rate by 25 basis points to 3.85 per cent – the second cut this year.
Miles welcomed the move on platforms like X (formerly Twitter) and said he was 'pleased to hear' the RBA chose to cut interest rates.
'But I'd now like to see the major banks pass this cut of 25 basis points onto borrowers,' Mr Miles wrote.
'Queenslanders are still struggling with the cost of living. And this cut will help out Queensland families.'
However, he was quickly met with a wave of negative comments on X, with some users blaming him and his party for the previously high interest rates and accusing Labor of economic mismanagement.
Several also pointed out that the banks moved swiftly to pass on the rate cuts to borrowers.
'They did 1 min after the RBA cut. Stop paying silly political games. That and poor economic management was why you were annihilated at the last election,' one user responded.
Other comments included accusations like, 'The crisis that you personally created,' and 'You morons caused these interest rate rises.'
Another user wrote, 'Struggling because of inept governments like yours.'
However, Facebook users expressed more supportive views, with Tricia Cronan commenting, 'Labor, making Australia great,' and Kimberly Clark adding, 'Yessss its good news.'
The major banks confirmed they would pass on Tuesday's rate cut in full to customers with variable rate home loans.
NAB was the first to announce the change, cutting its standard variable rate by 0.25 per cent effective May 30, followed closely by ANZ, Westpac, and the Commonwealth Bank of Australia (CBA).
CBA Executive Angus Sullivan said the cut would provide 'much needed additional relief' for homeowners.
'When combined with the February rate cut this change should free up some more cash flow for homeowners who need it,' he said.
'We know many have had tighter budgets in recent months and will welcome that additional flexibility.'
Financial experts note that while banks generally pass on rate cuts during such economic conditions, they are not legally required to do so and may weigh various business factors when setting their rates.
Canstar director of data insights Sally Tindall said in the current climate, she doesn't 'see a world' where the banks wouldn't pass on the cut.
'The banks know better than anyone just how difficult it has been for some of their customers,' Ms Tindall said.
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