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Big banks at it again – putting their profits before Australia’s housing needs

Media Release
Lee Rhiannon 18 Jan 2017

17 January 2017

Big banks at it again – putting their profits before Australia’s housing needs

Big banks are set to remain the face of greedy corporate Australia with reports that they plan to raise variable interact rates this year, a move that would bring financial hardship to so many, Greens housing spokesperson Senator Lee Rhiannon said today.

SMH – big banks look to increase interest rates on variable rate home loans

“Talk of interest rate rises will be frightening news to so many, who after the expense of Christmas and the holiday season face the struggle to pay off their monthly mortgage bill,” Senator Rhiannon said.

“Any move by the big banks to increase interest rates is totally unwarranted as they made massive profits in the last two financial years

“The ‘big four’ - Westpac, ANZ, NAB and CBA – now account for 88 per cent of the nation’s banking system assets. In 2015 all banks made just over $35 billion in pre-tax earnings — the sixth highest in the world.

“The big four enjoy immense power, which allows them to rip off Australians with barely a slap on the wrist from the government.

“They exploit a poorly regulated housing market and are bringing misery and hardship to tens of thousands.

 “Every interest rate hike takes many home owners right to the edge with regard to their ability to pay.

“Prime Minister Malcolm Turnbull and opposition leader Bill Shorten should call on the big banks to drop any plans for interest rate increases.

“A home for all is achievable in Australia if the government has the political will to put people’s needs first,” Senator Rhiannon said. 

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