Bruce Scott (Maranoa, National Party) Share this | Link to this | Hansard source

My question is to the Treasurer. I refer to the reported comments by the Chief Executive of the National Australia Bank that credit card interest rates are a sideshow to divert attention from what really matters. Does the Treasurer agree that credit card interest rates are a sideshow for consumers who owe money on their cards?

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

I thank the member for Maranoa for his question because I certainly do not agree with the head of the National Australia Bank on those comments. I made it very clear in the House yesterday that the government’s view is that the banks can pass through in full the recent Reserve Bank official cash rate cut when it comes to mortgage rates, that they should be doing much better when it comes to business loans and that they should be doing much better when it comes to credit cards. This week we have seen some substantial reductions when it comes to business loans, and we would always like to see more, and we would certainly like to see more when it comes to credit cards. I think one major firm overnight announced a reduction and the government would definitely like to see a lot more.