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.
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.
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