Banks and insurance companies are “profiteering” and “price gouging” Australians by pushing interest rates sky-high, the Australian Council of Trade Unions claims.

The ACTU said data from the Australian Bureau of Statistics indicated the financial industry had recorded a 46 per cent increase in profits since March 2021.

“Banks and insurance companies are having a lend of Australians,” ACTU Secretary Sally McManus said.

'Big Four Banks' - ANZ Bank, Commonwealth Bank, NAB Bank and Commonwealth Bank.
The ACTU said data from the Australian Bureau of Statistics indicated the financial industry had recorded a 46 per cent increase in profits since March 2021. (Supplied)
ACTU Secretary Sally McManus. (AFR/Luis Enrique Ascui)

“They have put up prices, not because they need to, but to fatten their profits.”

She accused banks and financial companies of fuelling Australia’s grinding inflation.

“Since March 2021, the banks have made $212 billion from raising people’s interest payments, while insurance companies have hiked insurance premiums by 36 per cent,” she said.

‘Friendly’ Olympic Games turns into a bloodbath

The report highlighted the use of “confusion pricing”, which involves confusing consumers with complex price structures and difficult price comparisons, along with other practices used by businesses Australia-wide.

McManus said unions had “no tolerance” for businesses “cashing in on the struggles of working people”.

“Big businesses like banks and insurance companies are keeping inflation higher than it should be and they need to be held responsible for this,” she said.

Watch every moment, every medal of the Paralympic Games Paris 2024 live and free on Channel 9, 9Gem and 9Now. Plus, every event streaming ad free, live and on demand with 4K on Stan Sport.
You May Also Like

That First Hunnert Days Were Yuge

As the junior member of this team and kind of the…

The Weirdest Things About King Charles & Queen Camilla's Marriage

Chris Jackson/Getty Images King…

Kate Middleton debuts new blonde hair on wedding anniversary with Prince William in Scotland

Blonde ambition. Kate Middleton debuted a bold, blonder hairdo Tuesday as she…

Israel Mourns Victims of Terror on Dachau Liberation Day

On April 29, the anniversary of the Americans liberating Dachau concentration…