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Victorian Treasurer calls on federal government to slash credit card interest rates – ABC News

Victorian Treasurer Tim Pallas calls on the federal government to tie credit card interest rates to the official cash rate.

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Victorian Treasurer Tim Pallas has called on the federal government to tie credit card interest rates to the official cash rate, calling current limits “unconscionable”.

  • The cash rate for banks to borrow sits at 0.1 per cent, but credit cards have interest rates of up to 20 per cent
  • Mr Pallas wants the Commonwealth to investigate ways to prevent the “unreasonable” difference
  • The push echoes comments made by the Reserve Bank Governor about high rates on credit cards

Mr Pallas has written to federal…

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