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…