Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

In relation to the suggestion from Senator Fielding, I am obviously happy to refer that suggestion to the Treasurer. As I said, we do believe that banks should be held to account publicly for their decisions. The comments the Treasurer, I and other ministers have made have made that clear. We do not accept many of the justifications which have been offered, as I have previously said. Their net interest margins are back to where they were pre the crisis. Australian people are understandably angry at the way the banks have responded. But, in terms of the suggestion about more formal disclosure of the reasons why a move above the official interest rate occurs, that is something I would certainly be happy to pass on to the Treasurer.