Their standard variable home loan rate now stands at just above 8.5pc, even though the official Reserve Bank rate now stands at 6pc.

However, it is not yet known what the banks intend to do with the agribusiness lending rates.

Before their announcement NSW Farmers' Association president Jock Laurie was calling on the banking sector to assist an industry still recovering from several prolonged years of drought.

"Farmers are languishing, with high interest rates continuing to put severe constraints on the agricultural industry, particularly at a time when other input prices, such as fuel and fertiliser are also high," Mr Laurie said.

"It is disappointing that only one of the banks, Rabobank, passed on the last reduction with immediate effect on variable interest rates for agriculture loans, with the other major banks lagging by a matter of weeks in following suite."