Treasurer Wayne Swan has criticised some of the nation’s biggest banks in the wake of rate hikes above the official movement from the Reserve Bank of Australia.

Westpac started the trend with a move (0.45%) almost double the official 0.25% increase from the Reserve before ANZ and the Commonwealth Bank announced rises of 0.35% and 0.37%, respectively. NAB was the only one of the ‘big four’ to move in-line with the central bank.

Earlier on Friday, Treasurer Wayne Swan lashed out at the Commonwealth Bank for lifting its home loan rates by more than the last official rise.

“I’ve said before there is no justification for Westpac and I believe there’s no justification for the Commonwealth Bank to move their rates above the official interest rate rise from the independent Reserve Bank,’’ Mr Swan told reporters in Brisbane. ‘‘I believe their customers will be angry with these actions.”

And he extended his criticism over the weekend.

”This is one reason the big banks are criticised by the Australian community,” he said. ”Any bank that used the Reserve Bank’s official rate rise as an excuse to take families for a ride this Christmas is letting down their customers and their country.”

CBA and ANZ, like Westpac, blamed high funding costs for their surprise moves. They said that margins were under pressure despite credit markets improving, with competition for deposits a key factor.