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Federal Treasurer Wayne Swan has made it very clear that he will continue to put pressure on the banks to pass on any rate cuts in full to borrowers.
Speaking to ABC radio yesterday, Mr Swan said he would be "frank and fearless" when it comes to his discussions with Australia's major banks.
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''I won't be pulling back from my discussion about the important issues associated with interest rates,'' Mr Swan said.
''I will be making frank and fearless comment about that''.
Mr Swan's comments come hot on the heels of both Westpac and ANZ's announcement that they will review their respective mortgage rates independently of the Reserve Bank.
Back in December 2011, ANZ chief executive Australia Philip Chronican said bank funding costs are now largely unrelated to movements in the Reserve Bank's official cash rate.
As such, the lender announced it would announce future pricing changes for retail and small business variable interest rates on the second Friday of each month.
