Savers should be ‘beneficiaries’ of rising interest rates

Treasurer Jim Chalmers says it is “really disappointing” some banks are not passing on increases in interest rates to savers.

He said savers were the “principle victims” of low interest rates and “should be the beneficiaries of rising interest rates”.

“There needs to be some positives out of this and for savers, they need and deserve higher interest rates on their savings,” he said.

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