Swan's blind bank bashing

The federal treasurer and others have already begun pressuring banks ahead of next week's RBA rates decision, but a closer look at the funding pressures they're facing reveals the attacks to be unfounded.

Wayne Swan has been warming up for another round of bank bashing next week, pledging that he would continue to provide ‘’frank and fearless’’ commentary about interest rates and bank profitability. Already a chorus of like-minded bashers is forming behind him and taking pre-emptive pot shots at the banks even before there is anything to shoot at.

It is widely expected that the Reserve Bank will cut official rates next week by another 25 basis points. It is also widely anticipated that the major banks will cite funding cost pressures as the reason for not fully passing on any rate cut.

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