Does Shearer want the Government to set bank interest rates?

Stuff reports:

With profits expected to go even higher Shearer said the government should be “demanding a better deal for households”.

“An example of where Kiws are paying through the nose is on credit card interest. We still pay around the same interest rate on them – more than 17 per cent – as we did eight years ago, despite bank borrowing rates plummeting five points to 3 per cent in that time.”

What does Shearer want the Government to do? Pass a so the Cabinet sets credit card interest rates like Muldoon used to almost do?

Credit card interest rates vary from 13.6% to 24.95%. I prefer competition to government dictate.

Shearer said Kiwis were a “soft and a nice little earner” for Australian banking giants, who were using “unfair” tactics on New Zealanders.

What is unfair exactly?

With Australian making a profit of about $1000 off every adult and child in the country it was time for the to put a microscope on the issue, he said.

An average can be misleading. If like me you have a large mortgage, then your bank makes a large profit out of you. If you don't have a mortgage they make a small profit. And on my credit card they make nothing from me directly, as I pay my account off every month.

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