Former treasurer Wayne Swan has gone all in with his criticism of Australia's big banks, labelling them "bastards" that behave in a manner that needs to be exposed.
Treasurer Scott Morrison announced a new, multi billion dollar tax on Australia's five big banks in Tuesday's Budget. It was a policy move that might have come directly from Swan's playbook.
It infuriated the banking sector and led to spokesperson Anna Bligh suggesting the tax will be passed onto customers.
Swan, who brought down six Budgets as treasurer from 2008 to 2013, told BuzzFeed Australia's political podcast Is It On? that Labor would support the policy because the banks were "bastards".
"I have a deep appreciation of just what bastards the banks can be," Swan said. "They think they've got a right to permanently, irrespective to any circumstance, have a return on equity of over 15%, and be one of the top 10 or 12 most profitable banks in the world.
"They always say, whatever is happening – whether it's a debate about the pass through of the Reserve Bank's decision in terms of rate rises or falls – that they can clip the ticket always on the way through."
Despite acknowledging the tax would likely be passed onto bank customers, Swan said the whole process would flush the banks' behaviour out into the open.
"It's worthwhile watching it happen."
Swan, who currently sits on Labor's backbench, wouldn't be drawn on whether he'd like to serve as a minister in a future Labor government.
When reminded of former PM Kevin Rudd's attendance at the recent black tie event in New York hosted by PM Malcolm Turnbull and US president Donald Trump, Swan laughed.
"I know what he's doing – just trying to be the centre of attention."
The full interview with Wayne Swan will feature in BuzzFeed Australia’s podcast Is It On? View it on iTunes and subscribe here.