CANBERRA: If bankers were hoping Malcolm Turnbull’s election victory would ease the political heat they are facing, it’s now clear they were very much mistaken. The war of words between bank bosses and their critics in federal parliament shows no signs of easing. Indeed the hostility to banks was cranked up a notch this week, as lenders reported multi-billion dollar profits, hot on the heels of them withholding half of last week’s official interest rate cut from borrowers.
Labor opposition leader Bill Shorten blasted the “greed” of the sector for its interest rate decisions, which he said was the result of executives looking out for themselves in a “fat cat” bonus system.
