Prime Minister Kevin Rudd has urged two major banks to reconsider their response to the latest interest rate cut.
The quarter of a percentage point cut takes the official cash rate to 3 %, its lowest level in almost 50 years.
The National Australia Bank has refused to follow the Reserve Bank's lead and will not adjust its home loan rates.
The Commonwealth Bank will pass on only part of the rate cut.
Mr Rudd has told ABC1's 7.30 Report he is disappointed the in the banks' decision not to pass on the cut in full.
