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The government’s $4 billion investment in residential mortgage-backed securities should be directed at lenders offering lower interest rates, ACTU president Sharan Burrow urged yesterday.
Ms Burrow welcomed the government’s “necessary corporate welfare” but called for it to include incentives for lenders to offer borrowers lower interest rates, as well as measures to deliver greater transparency and tough regulation.
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Treasury is currently devising criteria for the tender process of the $4 billion mortgage scheme announced last week.
Under the proposed plan, the Australian Office of Financial Management will purchase $4 billion worth of RMBS in a bid to stimulate market competition.
Published: 02-10-08
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