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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”.
Key points:
- The cash rate for banks to borrow sits at 0.1 per cent, but credit cards have interest rates of up to 20 per cent
- Mr Pallas wants the Commonwealth to investigate ways to prevent the “unreasonable” difference
- The push echoes comments made by the Reserve Bank Governor about high rates on credit cards
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…
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