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

Mr Speaker, I am relating them to the question. The question was about competition, keeping the big banks honest, putting in place the competitive forces that are required but were never attended to by those opposite when they were in power. We propose putting in place a single national consumer law, something that could not be done by those opposite in 12 years. We talk about investing in AAA rated residential mortgage backed securities to get greater competitive forces in our system. But we know what the answer is not. We know the answer is not to abolish the independence of the Reserve Bank, as has been put forward by those opposite. That is not the answer to this challenge. I say there is no justification whatsoever for the major banks moving interest rates over and above any movement by the Reserve Bank. This government, as always, will put in place the proper competitive policies to keep the banks honest

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