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Greens move to stop banks increasing rates beyond RBA

Media Release
Bob Brown 14 Nov 2010

Australian Greens Leader Bob Brown today announced new plans to legislate to put a 24 month freeze on banks being able to increase interest rates beyond the Reserve Bank rate. The new action also aims to ensure banks pass on decreases to official Reserve Bank rates to customers for the next 24 months.  

The new legislative action is in addition to a bill to make banking fairer which Greens MP Adam Bandt will introduce to the Lower House tomorrow. 

The Banking Amendment (Delivering Essential Financial Services for the Community) Bill 2010 provides legislative protection for customers including a ban on unfair $2 bank ATM fees, ensuring basic fee-free bank accounts, capping the level of mortgage exit fees, and introducing a variable rate mortgage product ("Fair Price Mortgages") that will only permit genuine changes to the lender's cost of funds to be passed on to customers.

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