The federal opposition says the seventh interest rate rise in just over a year could have been avoided if the federal government had pulled back on its spending, AAP reports.
After the RBA increased rates by 25 basis points on Tuesday, the CBA rose them by 45 basis points.
But the government could soon implement a reform package to boost compeition in the sector, which would put downward pressure on rates, according to the ABC.
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The Reserve Bank raised the cash rate 4.75 per cent yesterday and opposition treasury spokesman Joe Hockey says the latest increase could have been avoided if the government had reduced the amount of stimulus it's pumping into the economy.
In turn, The ABC reports that Mr Swan could soon implement a number of the coalition's ideas for reform of the banking sector, after Mr Hockey again called on him to implement the opposition's nine-point plan to increase competition in the provision of banking services.
"We've been working very closely with our regulators, putting together further reform," Swan said.
"It will put pressure on the major banks to behave in a better way."
Swan yesterday called the CBA's move a 'cycnical cash grab.'
