The Treasurer, Wayne Swan, has branded a decision by the Commonwealth Bank of Australia to raise its home loan interest rates as “selfish”.
Mr Swan said the decision, which has raised fears other banks will follow suit, will hinder the economic recovery.
CBA today said it would raise its standard variable mortgage rates by 10 basis points from Monday, June 15.
“The decision by the CBA gets in the way of interest rates relief, measures to stimulate our economy and to support jobs,” Mr Swan said.
“I think Australians rightly will be furious with the Commonwealth Bank for hindering the efforts of the Commonwealth Government, the RBA and the community to support our economy during the global recession.”