❓ Mr. Nalder questions the Treasurer's support for the federal government's position on banks passing through full interest rate cuts to mortgage holders, versus supporting increased bank profits. The Treasurer expresses support for the ACCC investigation into mortgage margins.
AnsweredQoN 870Legislative Assembly
QuestionView source ↗
INTEREST RATES
870. Mr D.C. NALDER to the Treasurer:
I refer to the initiative by —
Several members interjected.
The SPEAKER : Members! Start
again. I cannot hear what you are saying.
Mr D.C. NALDER : I refer to —
Mr M.P. Murray interjected.
The SPEAKER : Neither have
you, Minister for Sport and Recreation. I call you to order for the first time.
Mr D.J. Kelly interjected.
The SPEAKER : Minister for
Water, I call you to order for the first time. Members, especially members on
my right, when a person gets up to ask a question, they do not get interrupted;
otherwise, I will call you to order.
Mr D.C. NALDER : I refer to
the initiative by federal Liberal Treasurer Josh Frydenberg to have banks
investigated by the Australian Competition and Consumer Commission and the
government's view that banks should have passed through the full
interest rate cuts, and I ask —
Several members interjected.
The SPEAKER : Members! I want
to hear this in silence. Member, start again.
Mr D.C. NALDER : I refer to
the initiative by federal Liberal Treasurer Josh Frydenberg to have banks
investigated, and the government's view that banks should have passed
through the full interest rate cuts. Given the state of our domestic economy,
does the Treasurer support the federal government's position that banks
should have passed through the full interest rate cuts to mortgage holders, or
does he support banks' increased profits?
870. Mr D.C. NALDER to the Treasurer:
I refer to the initiative by —
Several members interjected.
The SPEAKER : Members! Start
again. I cannot hear what you are saying.
Mr D.C. NALDER : I refer to —
Mr M.P. Murray interjected.
The SPEAKER : Neither have
you, Minister for Sport and Recreation. I call you to order for the first time.
Mr D.J. Kelly interjected.
The SPEAKER : Minister for
Water, I call you to order for the first time. Members, especially members on
my right, when a person gets up to ask a question, they do not get interrupted;
otherwise, I will call you to order.
Mr D.C. NALDER : I refer to
the initiative by federal Liberal Treasurer Josh Frydenberg to have banks
investigated by the Australian Competition and Consumer Commission and the
government's view that banks should have passed through the full
interest rate cuts, and I ask —
Several members interjected.
The SPEAKER : Members! I want
to hear this in silence. Member, start again.
Mr D.C. NALDER : I refer to
the initiative by federal Liberal Treasurer Josh Frydenberg to have banks
investigated, and the government's view that banks should have passed
through the full interest rate cuts. Given the state of our domestic economy,
does the Treasurer support the federal government's position that banks
should have passed through the full interest rate cuts to mortgage holders, or
does he support banks' increased profits?
AnswerView source ↗
I thank the member for the question.
We had a Treasurers' meeting last week with commonwealth Treasurer
Frydenberg. This was a couple of days before he asked the ACCC to investigate
what he considers, as I understand it, the mortgage margins that banks are
getting at the moment to see whether they are taking unfair profit. Of course I
support that; I think most people in this chamber would support that initiative
by Treasurer Frydenberg. I for one will be interested in the outcome of that.
The question, of course, will be what the commonwealth government does in response
and reaction to any recommendations that fall out of that report.
We had a Treasurers' meeting last week with commonwealth Treasurer
Frydenberg. This was a couple of days before he asked the ACCC to investigate
what he considers, as I understand it, the mortgage margins that banks are
getting at the moment to see whether they are taking unfair profit. Of course I
support that; I think most people in this chamber would support that initiative
by Treasurer Frydenberg. I for one will be interested in the outcome of that.
The question, of course, will be what the commonwealth government does in response
and reaction to any recommendations that fall out of that report.
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