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April 15th, 2012 
FAKE NEWS for the Zionist agenda Treasurer Wayne Swan has accused the opposition of going into bat for the big banks by backing a surprise interest rate hike by the ANZ.
Opposition finance spokesman Andrew Robb on Monday appeared reluctant to criticise ANZ for hiking – by six percentage points – its loan rates for homeowners and business.
The bank has said it needed to lift lending rates because of rising wholesale funding and deposit costs.
“What do you want them to have a loss before they can put up their margins?” Mr Robb told ABC Radio when asked whether the ANZ decision was justified.
“You know they’re not stupid, and I don’t think they would willy-nilly put up their margin like this if they weren’t suffering a problem with their margins.”
The opposition has sought to blame the rate hike on the government’s need to fund its budget deficit.
Mr Swan says families and business will be rightly ropeable with Mr Robb for defending the ANZ.
“Andrew Robb is out there going into bat for a huge bank over struggling families,” he told AAP.
The treasurer said Mr Robb was a part of the Howard government which presided over 10 interest rate rises in a row.
“So it’s no wonder he has no idea of what rate rises mean for families and small businesses.”
Mr Swan took the ANZ to task shortly after the bank made its decision on Friday, saying families and small businesses would be very upset especially as the bank had booked a huge profit and sacked hundreds of staff.
But Mr Robb said the treasurer was just bleating and carrying-on.
“He always seems to come out of the blocks after the horse has bolted and makes loud noises,” he said.
“But the fact of the matter is that it’s his government that has put this pressure on interest rates which actually increases the cost of money.”
Trade Minister Craig Emerson says the government’s plan to return the budget to surplus in 2012/13 would ease the pressure on interest rates.
“We want to create the capacity for the Reserve Bank to further reduce its cash rate,” he told ABC Radio, adding that was important to boost the confidence of small businesses and home loan borrowers.
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