That's well ahead of the inflation rate, well ahead of real movements in inflation. So we think it's time for the banks to take a pause, get on board with the social charter, discussions that consumers are calling for, that the pensioners are calling for, and say, right, we accept that we have a social obligation and here's what we are really committed to do and achieving it. Banks haven't reduced their margins on home loans. What they've done is reduced their interest rates. They're also getting, because interest rates have gone down, a cheaper price when they buy money so their margins have actually stayed the same even though they have delivered an interest rate cut.
Banks are still the most profitable sector in the Australian economy.
They are making returns to shareholders of 20 per cent plus compared to say the retail industry which is 4 per cent. Our argument is the banks have been making obscene levels of profits over the last few years. So we think that there's plenty of scope for the banks to take a bit of a deep breath, sit down and say, yes, having a sticker on an ATM is a good first step. But it's not the end of the story. And the view from the Government is that if you have transparency, customers then can exercise real choice, then they can shop around and do what they want, and that will then push the margins down and push fees down.