Australia bank customers starting to reap benefits

Some Australian banks are already passing on to their customers the one per cent reduction in official interest rates announced yesterday by the Reserve Bank of Australia (RBA).

However, BankWest is telling its customers today it has not decided whether to pass on the decrease.

The RBA dropped interest rates cut rates by one percentage point, taking the cash rate to 4.25 per cent - a drop of 3 per cent in the past four months.

The Commonwealth Bank of Australia and the National Australia Bank are passing on the full cut.

But the ANZ and Westpac have refused to pass on the fall rate cut.

Last night BankWest's customer hotline told customers the bank had not decided if it would pass on the cut.

- RADIO AUSTRALIA