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MPs urged to create solutions to banking issues

Solutions to current banking issues need to be created, so MPs Wayne Swan and Joe Hockey need to stop bickering and work together, the Real Estate Institute of Australia has claimed.

Wayne Swan MP and Joe Hockey MP are being urged to work together to develop solutions to current banking issues rather than fighting over regulations.

Real Estate Institute of Australia president David Airey said that there are many issues that need to be addressed in terms of the banking system.

He went on to say that Mr Swan and Mr Hockey's "bickering and one-upmanship" is not helping bank customers in the slightest.

Commenting on the Reserve Bank of Australia's (RBA) recent decision to increase the country's interest rate from 4.5 to 4.75 per cent, Mr Airey said: "The housing market is a key element of a robust economy and it is important that this is taken into account by the Reserve Bank when making decision about interest rates".

Earlier in the week, the Housing Industry Association stressed that Australia's banks must not raise their rates above the new levels set by the RBA.

Posted by Ravin Chatlani

- banks, REIA, Airey, rates, interest, politics, government, Hockey, Swan

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