Banks should put people before profits

Australian unions are urging Australia’s major banks to put people before profits and refrain from increasing interest rates following recent decisions by ANZ and the National Australia Bank to put rates up.

" ANZ and NAB's decisions to raise interest rates were simply greedy and should be reconsidered," ACTU President Sharan Burrow said.

"The top five Australian banks combined made nearly $18 billion in profit last financial year, and NAB alone made $4.4 billion in profit.

"They do not need to raise interest rates external to Reserve Bank decisions to continue making a reasonable profit.

"Working families are struggling with increased petrol and food costs and many are already experiencing housing stress.

"There were a record number of mortgage defaults last year and any further increases to interest rates will only make it harder for people to meet payments.

"We urge the major banks to put people before bigger profits," Ms Burrow said.