House debates

Wednesday, 27 October 2010

Questions without Notice

Banking

2:36 pm

Photo of Wayne SwanWayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I am sorry, but it was not. It was not a suggestion or an original thought of those opposite at all. This is something that the Chairman of the ACCC has talked about on a number of occasions, and the government has been talking to him about it, as any responsible government would do. What we have put in place so far is a range of very significant reforms, particularly the consumer reforms I was talking about before and, of course, the investment in the AAA rated residential mortgage backed securities, which are securing funding to banks. I have made it very, very clear that there is no justification for very profitable banks moving above any change in the cash rate that should come from the Reserve Bank—no justification at all. The figures from the NAB today proved that yet again.

Comments

No comments