Central Banking

CBA hits Reserve, playing "social policy" on cards

AUSTRALIA - On Thursday Commonwealth Bank of Australia (CBA) attacked the Reserve Bank over its proposed credit card reforms.

The Sydney Morning Herald report that the CBA accused the central bank of engaging in "social policy" and argued that the reforms would not deliver any noticeable benefits to consumers.

CBA MD, David Murray, said it was "an unusual position" for the Reserve Bank to be "articulating social policy" and, in essence, taking away bank profits so that they can be distributed