Hotfire, no, because the banks made it clear that they COULDN'T pass it on. Nice One posted on the property thread that the CBA raised several billion last year at 6.6%. How can they reduce rates if that is their borrowing cost?
The RBA has no power to intervene in rates because they lend negligible amounts to the banks. They only ever change rates if they can be sure that the other banks will follow. The RBA sort of tries to follow from in front, to give the impression that it is somehow relevant.
