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RBA should referee bank rates says Hockey

01/02/2012

Shadow treasurer, Joe Hockey, says the Reserve Bank of Australia should ‘referee’ bank interest rates because it is best placed to judge whether passing on reductions was affordable.

“I would like to see the RBA take on a greater role as a referee and in their statement include whether the banks should pass [rate cuts] on in full or in part,” he said.

Competition had to be respected so the Reserve Bank's views would not be binding, he said. But it would be independent and allow public debate about rate cuts to be factually based.

Source: The Age



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