Banks credit card gouge must stop: Bandt

Greens Deputy Leader and banking spokesperson Adam Bandt MP says something must be done to rein in the big banks who are gouging credit card customers. Reports in today’s Fairfax papers show that while the RBA has cut interest rates by 2% in the last two years, banks cut credit card interest by only 0.12 percent.

“The big banks are engaged in rampant profiteering,” Mr Bandt said.

“Over the last half a year the big four banks have made $13.4 billion in profits, while charging over $6 billion a year in credit card interest. When the Greens have suggested a public support levy on the big banks they have cried poor, but it is clear they are taking their customers and the taxpayer for a ride.”

“This rampant profiteering strengthens the case for a public support levy on the big banks, which would raise $11bn. This Budget, Labor should have the guts to make the big banks pay a fair share and help the government’s revenue crisis instead of cutting university funding and aid spending.”

“Over the next few days we will again no doubt hear a lot about Bruce Springsteen from the Treasurer. Yet when it comes to the banks’ credit card rort, the Treasurer turns off the iPod.”

“Like mortgages, the banks should be required to provide credit card products with interest rates that track the real cost in funding.”

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