No role for politicians in OCR uproar - experts

Recent days have seen growing anger and frustration with the country’s banks, particularly the Australian-owned banks.

This is because of most of the banks apparent reluctance to fully pass on last week’s 25 basis point OCR cut to borrowers – despite Reserve Bank governor Graeme Wheeler saying that he expected them to.

To date, only The Co-Operative Bank has passed on the full cut to its floating home loan rate customers. 

Yesterday Labour Party leader Andrew Little said he would consider legislating to force the banks to pass on the reduction, although if he did it would be "with great reluctance and a heavy heart".