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Rudd attacks Westpac's interest rate hike -

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Rudd attacks Westpac's interest rate hike

Broadcast: 09/12/2009

Reporter: Tony Jones

Westpac is facing a backlash over interest rates, and it is being led by the Prime Minister. Today
the bank tried to explain its decision to lift rates by more than the offical reserve bank increase
by comparing home loan rates to the price of bananas.

Transcript

TONY JONES, PRESENTER: The Westpac bank is facing a backlash over interest rates and it's being led
by the Prime Minister.

Last week, the bank lifted rates by more than the official Reserve Bank increase.

Today it tried to explain the decision by comparing home loan rates to the price of bananas.

The Prime Minister responded by sending a message to all of the banks.

KEVIN RUDD, PRIME MINISTER: The banks in Australia operate on the basis of a charter of trust with
the Australian people. They had better honour that trust and that charter of trust into the future.
And that's what I'd say to the banks of Australia.

TONY JONES: Westpac's video has been described as condescending, but the bank says it had
honourable intentions in trying to explain a complex issue.