Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

CBA?s rate rise condemned by Swan

Staff Reporter 4 minute read

Federal Treasurer Wayne Swan has condemned the Commonwealth Bank’s (CBA) decision to lift its standard variable rate by 0.05 per cent more than the RBA’s official adjustment.

According to the Sydney Morning Herald, Mr Swan said CBA has a lot of explaining to do over its decision.

“I think people rightly will be furious with the Commonwealth Bank because families will take it very hard,” the Herald said, referring to comments Mr Swan made to Sydney radio station 2SM today.

“We want to have a competitive banking market out there, and those institutions that seek to increase their margins at this time I think will be judged very harshly by Australian families and by the Government,” Mr Swan said.

Advertisement
Advertisement

Mr Swan also said that the Government was preparing a package of changes to make it easier for borrowers to switch banks if they weren’t happy.

He said the package will be delivered in the near future.

“I think people out there do need to have the capacity to ‘vote with their feet’,” he said.

Published: 06-02-08

CBA?s rate rise condemned by Swan
default
TheAdviser logo

Grow your business exponentially in 2022!

PROMOTED CONTENT


Discover the right strategies to build a more structured, efficient and profitable businesses at The Adviser’s 2022 Business Accelerator Program.

Visit the website here to secure your ticket.

default

 

more from the adviser
Finsure rebrand

Breaking News

Finsure sale clears regulatory approval

APRA has given the green light to BNK offloading its mortgage agg...

house sold

Breaking News

Hot Property: The biggest property headlines from the week 17-21 January

The weekly round-up of the biggest news stories from across Momen...

mortgage growth

Breaking News

AFG broker lodgements hit new record

Brokers aggregating under the group wrote a record $92 billion of...