Joe Hockey deserves it.
A federal Liberal MP has mistakenly rubbished opposition treasury spokesman Joe Hockey, describing as ‘‘lunatic fringe-type’’ the idea of parliament regulating how banks increase their interest rates.
Mr Hockey is demanding Treasurer Wayne Swan use all the levers of his position to prevent the banks hiking interest rates over and above Reserve Bank adjustments.
He suggested the coalition might be able to garner sufficient crossbench support in the parliament to take action against the banks if Mr Swan did not act.
Don Randall lampooned the idea as one typical of the Australian Greens.
‘‘This is just another one of their…lunatic fringe-type ideas,’’ he told reporters in Canberra.
Mr Swan jumped on the remarks saying not even his own party was prepared to support Mr Hockey’s ‘‘latest piece of ill-considered rubbish’’.
I like Hockey; but really, making the ALP look economically responsible is bad policy, bad strategy, and bad tactics.