"The measures to facilitate lending to small and medium-sized businesses are timely and of critical importance. Many businesses are cash strapped and uncertain what the next few months will hold. In this environment the availability of credit can mean the difference between survival and closure.
"The further reduction in interest rates and the clear statement that they will remain low for some time is also positive both for households and businesses. Lower interest rates will give households and businesses critical extra breathing room.
"We urge the banks to pass on the interest rate cuts in full," Mr Willox said.
Tony Melville – 0419 190 347