[Greens-Media] Banks must pass on rate cut in full: Bandt

[Lawson, Damien (A. Bandt, MP)]

Media release

Adam Bandt MP
Deputy Leader, Australian Greens
Federal Member for Melbourne

May 7 2013

Banks must pass on rate cut in full: Bandt

The big banks are making record profits and must pass on in full today’s Reserve Bank interest rate cut, Greens Deputy Leader and banking spokesperson Adam Bandt said.

“The banks are making a motza at the moment and they can afford to pass this rate cut on in full”, Mr Bandt said today.

“Labor can’t sit on its hands. Something needs to be done to rein in the big banks. The banks have been riding roughshod over their customers and the taxpayers who are underwriting their profits."

Mr Bandt’s Banking Amendment (Delivering Essential Financial Services) Bill would ban mortgage exit fees and require banks to offer “tracker” mortgages which mirror the rise and fall of the banks' own borrowing costs.

Contact: Damien Lawson 0487 900 005

Damien Lawson

Strategy and Communications Adviser
Office of Adam Bandt MP
T: 03 9642 0922 M: 0487 900 005
www.adambandt.com