 On Anzac Day, the National Australia Bank announced another independent rise to it variable home loan by 10 basis points to 9.46 per cent. Treasure Wayne Swan slammed the decision to announce the rate rise on the public holiday.
"Making the announcement on Anzac Day was a lousy thing to do," Mr Swan said in Brisbane today.
"When banks raise their rates outside the RBA's cash cycle they ought to go out there and front up and and explain it to the Australian people."
ANZ Banking Group raised rates on Thursday, and NAB seem to have simply followed suit.
According to a NAB spokesperson, the announcement of NAB's latest interest rate rise, which comes into effect on Monday, was in keeping with the bank's standard procedure to announce interest rate changes the Friday before they come into effect.
Join the discussion on National Australia Bank (NAB)
|