Swan seeks rate cuts for credit cards

Treasurer Wayne Swan has rejected comments by the boss of one of the country's
leading retail banks that credit cards are a "sideshow" when it comes to interest
rate reductions.
National Australia Bank chief executive Ahmed Fahour has said there is a greater
economic benefit from cuts in mortgage and business lending rates, and that
complaints about rates on credit cards are a "sideshow to divert attention from what
really matters".
"I certainly don't agree with the head of the National Australia Bank in those
comments," Mr Swan told parliament on Thursday.
He said the banks can pass through in full the recent Reserve Bank official cash
rate cut of 100 basis points on mortgage and business rates, and should be doing
much better when it comes to credit cards.
"We have seen some substantial reduction when it comes to business loans, we would
always like to see more, and we would certainly like to see more when it comes to
credit cards," he said.