The renowned treasurer Wayne Swan has recently warned the major banks operating in the economy should not use the reason of the global financial reasons as one of the major reasons for the rate hikes.

While the warning came at a time when it calls for government action on interest rates, it was the opposition that had called for treasurer to legislate if necessary to ensure banks don't raise mortgage interest rates in a case where it is higher than the adjustment by the Reserve Bank of Australia (RBA). It is expected that when the biggest four names in the banking industry will announce their annual results, the numbers will be huge.

Swan repeated his stern warnings on Monday which is to be mentioned that is much before than the official interest rates announcement expected to be out by early next month. Swan said to the media that any rise which is outside the cycle will prove to be very cynical in nature.

Moreover, he also added that as the banking industry was the major reason of the crisis in the global economies.