Another round of mortgage rate rises are expected to be unleashed within days, undermining the Gillard government's attempt to bolster its economic credentials at the expense of Opposition Leader Tony Abbott.
Despite the Reserve Bank leaving rates on hold last week, the Commonwealth and NAB may soon follow ANZ and Westpac, which increased mortgage rates, blaming the need to protect profit margins.
The move by the two banking giants to raise rates triggered a backlash from politicians and customers.
Treasurer Wayne Swan yesterday encouraged customers who were not happy with their banks to vote with their feet.
''With many businesses and households doing it tough, a lot of people are justifiably angry that some of our hugely profitable banks aren't doing the right thing by the community,'' he said.
As Parliament resumes today, the government will try to keep the focus on Mr Abbott's economic policy.
An online attack ad released last night by the Labor Party points to confusion it says has been created by different statements by senior Coalition members on achieving a budget surplus.
''The Liberals and the economy ... nothing but spin,'' it says.
Mr Abbott's economic spokesmen, Joe Hockey and Andrew Robb, appeared at odds last week on the question of when a Coalition government would be able to deliver a budget surplus.
However Mr Abbott said yesterday he would deliver a surplus in the first year of a Coalition government.
''Our commitment is to have a budget surplus in year one and subsequently, and we can do that based on current treasury figures,'' he told Network Ten. Assistant Treasurer Mark Arbib described as ''laughable'' Mr Abbott's claim in a television interview yesterday that interest rates ''are going up'' under the Labor government.
He pointed out the cash rate set by the Reserve Bank - dropped twice late last year - was now 4.25 per cent, compared to 6.75 per cent when the Coalition left office.
''Mr Abbott seems to have forgotten interest rates went up 10 times in a row under the Liberals, including six in a row after John Howard promised to keep interest rates lower than Labor,'' Senator Arbib said.
While the government wants to keep the parliamentary focus on economic debate, leadership speculation in the Labor Party is expected to be rekindled by tonight's episode of Four Corners on the ABC, ''The Comeback Kid?''
Minister for Foreign Affairs Kevin Rudd refused again on Friday to rule out returning to the prime ministership. His supporters say there is a chance of a leadership challenge after the expected wipe-out of Labor in the Queensland election.
Independent Tony Windsor said Mr Rudd's return to the prime ministership was as likely as Black Caviar turning up at the Tamworth races.
If Labor changed leaders, ''all bets would be off'' when it came to his continuing support for the minority Labor government.
But Mr Windsor said it would be a ''highly risky strategy'' for any contender to launch a challenge given the tight numbers in Parliament.
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