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The federal government has been urged to crack down on regulation of the major banks’ amid concerns mortgage rates are set to rise.
Independent Senator Nick Xenophon yesterday called on the government to “stop talking the talk and start walking the walk” on bank regulation, The Sydney Morning Herald reported today.
Senator Xenophon said the government should review its guarantee on bank funding as well as impose limits on credit card interest rates and on the executive salaries of banks that receive government aid.
"Australians are sick of seeing a situation where we've been helping banks through a taxpayers' guarantee but they're lording it over us and living it up," he said.
Mr Xenophons’ comments CBA’s surprise 10 basis point increase to its standard variable rate on Friday, which has been met with public ire.
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