Tasmanian Senator Jacqui Lambie issues ASIC action call on credit card charges

Tasmanian Independent Senator Jacqui Lambie wants the Australian Securities and Investments Commission to be given powers to investigate credit card interest rates.

Senator Lambie said Senate Estimates hearings had been told by the corporate watchdog that its “jurisdiction doesn’t extend to the level of interest rates”.

She said that banks were charging interest rates of 17 per cent on credit cards compared with the Reserve Bank of Australia’s cash rate of 2 per cent.

`It’s a 700 per cent mark up and makes pay-day lenders look like charities … are they allowed to charge interest rates at that level?’’ Senator Lambie said.

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