Julia Gillard (Lalor, Australian Labor Party, Prime Minister) Share this | Hansard source

Thank you very much, Mr Speaker. In concluding on the first part of the question, which refers to the description of the patchwork economy in the Reserve Bank statement, the government has been explaining the patchwork economy to the Australian people for some time now. It proves the importance of the minerals resource rent tax, taxing the sector of the economy that is streaking ahead, to facilitate growth in other parts of the economy and opportunity for all. The Liberal Party are the only people in the nation who really believe that miners are paying too little tax.

On the second part of the shadow Treasurer's question, let me be very clear about this: I believe that Australian banks should pass on this interest rate cut in full. I said this morning to the media that, if the RBA cut interest rates today, Australian banking customers would be looking to their banks to cut interest rates in full. I believe that is what the Australian people want to see from the banks that they bank with. We have acted to increase banking competition. We believe that was very important. But let me be loud and clear about this: I believe the Australian community is looking to banks today to announce that they will pass this interest rate cut on in full.

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