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February 8th, 2012 
FAKE NEWS for the Zionist agenda Federal Treasurer Wayne Swan has brushed off concerns borrowers could be hit with higher bank interest rates, saying home owners and businesses could take their business elsewhere.
There are concerns the big four banks may announce an interest rate move independent of the Reserve Bank.
The central bank has kept its official cash rate of 4.25 per cent on hold, despite most market economists tipping a 25 basis points cut on Tuesday.
Mr Swan said the Reserve had struck a balance between global uncertainty and a healthy domestic economy but he acknowledged that borrowers and some business sectors were disappointed by the decision.
The treasurer, on Wednesday, was reluctant to take a big stick to the banks when asked for his reaction to reports the ANZ was preparing to increase interest rates.
Instead he reiterated the view that Australia had a competitive banking system and that customers unhappy with their bank could “walk down the road”.
The standard variable rate on the average home loan from major banks was 7.3 per cent, Mr Swan said.
“You can get far better deals than that elsewhere in the financial system right now,” he told reporters in Canberra.
The treasurer ruled out regulating interest rates, despite demands from the Australian Greens.
“We don’t regulate interest rates in this country,” he said.
“We haven’t done so for a very long period of time.”
Greens MP Adam Bandt said he would be pushing parliament to approve his private legislation that aimed to force banks to offer “tracker” mortgage products, which had interest rates that rose or fell in line with Reserve Bank decisions.
“I would hope the government is prepared to look at this legislation, and look at it seriously,” Mr Bandt told reporters in Canberra.
He did not believe political interference was a threat to the banking system.
“The (big banks) say they want government and politicians kept out of banking, and as soon as they get into trouble, they are the first ones to come cap and hand, asking for assistance.
“The banks want political support, they just (only) want the sort of political support that supports them.”
Liberal backbencher Stuart Robert said it was up to banks to make decisions on interest rates.
“They know what their foreign currency requirements are in terms of borrowing,” he said.
At the same time he warned the banks to consider the wider implications of any decision to lift rates.
Shadow Treasurer Joe Hockey said he would be stunned if any of the banks lifted their interest rates.
“I’d be surprised if they would go down that path,” he told ABC Radio on Wednesday.
“Even though they might have various cost-of-fund pressures, I think the damage to their reputation would clearly outweigh any financial benefit.”
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