Australians deserve a lot better

The Australian reports:

Just hours after the Reserve Bank of Australia increased its cash rate by 25 basis points, to 4.75 per cent, the Commonwealth Bank lifted its variable standard mortgage rate by 45 basis points.

The Treasurer [Wayne Swan] responded by foreshadowing government moves to make the banking sector more competitive, although he admitted there was no “no instantaneous solution”.

Mr Swan also hit out angrily at the Commonwealth Bank.

“This is a cynical cash grab by the Commonwealth Bank, there is no other way to look at it,” Mr Swan told reporters in Brisbane.

“I think Australians deserve a lot better ... it’s no wonder Australians are so angry with our banks after watching the behaviour of the Commonwealth Bank.”

I saw Sky News’s report on this a few minutes ago. What Swan actually said was:

I think Australians deserve a lot better and especially on Melbourne Cup day.

Can’t swear that’s the exact wording because I wasn’t taking shorthand, but I swear that’s pretty close. Swan must have backed So You Think.