Words will do nothing for bank competition, only a People’s Bank will
Greens Finance Spokesperson, Senator Sarah Hanson-Young, says there is no point in Scott Morrison repeating the exact phrase said ad nauseum by previous PMs and Treasurers past like Kevin Rudd, Wayne Swan and Joe Hockey, “If you don’t like your bank then change it.” This phrase has done nothing to help consumers in the decades it has been uttered.
Senator Hanson-Young said, “There is no competition for interest rates in banking. The ACCC knows it, the Productivity Commission knows it and unless the Government has had its head in the sand, the Government knows it too.