Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

As I said, after 10 interest rate rises under the Liberals this government wants to see interest rates as low as possible. The government has called on banks to act competitively and responsibly. We expect them to behave fairly to all sections, not just the rural sector but small businesses and Australian families. We have made it clear that this includes credit card users. I understand that some financial institutions are yet to pass on the RBA interest rate cuts to credit cards and many personal loans. The government recognises that the risk profiles of credit cards and personal loan products are different, but it is important that the RBA rate decreases are passed on just as quickly as the rate rises. Credit cards are offered by a broad range of bank and non-bank providers— (Time expired)