Victorian Treasurer calls on federal government to slash credit card interest rates

Victorian Treasurer Tim Pallas has called on the federal government to tie credit card interest rates to the official cash rate, calling current limits “unconscionable”.

Mr Pallas has written to federal Treasurer Josh Frydenberg and the heads of Australia’s major banks, asking them to review credit card interest rates.

He said banks had benefited from excessive interest rates while consumers struggled off the back of tough economic…