The CFMEU has been vocal on the need for rate cuts for the last year, witnessing first hand the devastating effect of high interest rates and a high dollar on jobs in the manufacturing sector.
CFMEU National Secretary, Michael O'Connor said there was a clear economic imperative for the banks to pass on the rate cut.
"The RBA has seen sense and brought down rates, which should provide much needed relief for working families ahead of Christmas," Mr. O'Connor said.
"Clearly the RBA has recognised the struggle faced by employees in trade exposed industries such as manufacturing, tourism, retail and education."
"For this rate cut to have the desired effect, the big banks need to come to the party. Failing to pass on this rate cut would be economically irresponsible."
"We congratulate the banks, such as ME, who have already passed on the rate cut."
Mr. O'Connor said any bank that had not announced a rate cut by the end of the week would be named and shamed in a letter to CFMEU members.
"Jobs and the national interest are at stake here."
"The Australian Government supported the big banks through the Global Financial Crisis and they now have an opportunity to repay that faith by passing this rate cut on in full."
"Our big banks must not be allowed to believe they can continue recording record profits with no eye to jobs and consumers."
