Coalition MP George Christensen has come out in support of a royal commission into banks after Westpac, National Australia Bank online and other banks announced a plan to raise fixed and variable home loan rates by up to 60 basis points.
Mr Christensen posted his support for the inquiry following revelations Westpac and related banks St. George, Bank of Melbourne and BankSA said rates would rise by 24 to 60 basis points over two, three and five years for investors and owner-occupiers, from Monday.
"My opinion just changed again. We need a banking royal commission," the Nationals MP posted to his Facebook page.
NAB's UBank will increase its standard variable rates as well as interest by 10 basis points and experts predict others will make similar moves.
Mr Christensen's support for the probe has been used by ALP Senator Katy Gallagher to attack the prime minister, who she accuses of " running a protection racket for the big banks".
"It's now time for the prime minister to stop being the best friend the banks have ever had and act in support of banking customers and the victims of bad bank culture," she said on Saturday afternoon.
A royal commission, she said, "is the only way to bring about the systemic, structural and cultural change that our banks so clearly need."
Share
