Swan feels heat to crack down on banks
(12 November 2010 – Australia) Pressure is mounting for the Federal Government to bring forward measures to improve competition in the banking industry, as public outrage continues over massive profits and rates moved beyond the Reserve Bank’s movements.
The Opposition and the Greens are today, at the last session of Federal Parliament, planning to introduce legislation bringing into the spotlight hugely profitable banks.
Treasurer Wayne Swan has said he will not be rushed as he prepares measures to crack down on the practice of price signalling through the media.
''I'll soon be announcing a carefully considered, effective plan to promote more competition and give people a fair go,'' Mr Swan said.
''The banks shouldn't mistake our methodical approach for a lack of determination to do even more to make the banking system work for Australians.''
Mr Swan hit out at the banks saying that their latest round of rate rises confirmed their culture of arrogance and contempt for the community.
Independent Senator Nick Xenophon has called on the Australian Competition and Consumer Commission to be given the power to tap bank telephones.
Opposition treasury spokesman Joe Hockey will today give notice of his private member's Bill to crack down on price signalling.
Treasurer Wayne Swan has said he will not be rushed as he prepares measures to crack down on the practice of price signalling through the media.
''I'll soon be announcing a carefully considered, effective plan to promote more competition and give people a fair go,'' Mr Swan said.
''The banks shouldn't mistake our methodical approach for a lack of determination to do even more to make the banking system work for Australians.''
Mr Swan hit out at the banks saying that their latest round of rate rises confirmed their culture of arrogance and contempt for the community.
Independent Senator Nick Xenophon has called on the Australian Competition and Consumer Commission to be given the power to tap bank telephones.
Opposition treasury spokesman Joe Hockey will today give notice of his private member's Bill to crack down on price signalling.
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