Role reversals in politics are always fun to watch and Shadow Treasurer Joe Hockey plays the comedian so well with his cherubic looks that I hope he goes on with his new bank bashing stance. Watching the captains of finance turning on the Liberal Party will be even more entertaining than miners savaging Labor.
Alas, the cheap populism of Mr Hockey’s threat to legislate to stop banks from increasing mortgage interest rates outside the limits of increases in the official rate of the Reserve Bank will not last for long.
Re-regulation of bank interest rates is no solution and there are enough level headed people in the Liberal Party who know it to get the would-be Treasurer to back down. What Mr Hockey should be turning his attention to are proposals to strengthen competition within the banking industry.