Rudd tells banks to consider families
Kevin Rudd has asked the banks to consider families before lifting mortgage interest rates. The Prime Minister elect said he would draw their attention to the fact that working families suffering a series of interest rate rises are already under financial pressure.
Speaking on ABC radio, Mr Rudd said the banks were entitled to lift interest rates as commercial entities but that that he would be 'very concerned' if the banks lifted interested rates above the official cash rate set by the Reserve Bank of Australia (RBA).
"In a market economy banks will make their own determinations on that," said Mr Rudd.
The RBA board meets tomorrow to discuss whether homeowners will be hit with a third interest rate rise in 2007. It is expected that rates will remain at 6.75 at least until February 2008.
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