Turnbull on interest rates

What sort of crap is this?

But the Opposition's treasury spokesman, Malcolm Turnbull, continued the attack, saying the Treasurer should have sought a more detailed explanation from the banks to justify their increases.

"That is the business-like approach," Mr Turnbull said. "If he'd done that I think the banks would have given a second thought and either not increased their rates, or certainly not increased them by so much."

If there’s a deregulated financial system then banks can increase interest rates when they choose too. To keep interest rates below the market rate would dry up credit. I’m interested to know how Mr Turnbull intends to punish banks who don’t provide explanations he likes.