The Minister for Financial Services & Regulation, Joe Hockey, welcomed moves by ANZ Bank to give customers a better deal.
"ANZ is listening to both the community and the Government and they deserve a pat on the back for moving in the right direction," the Minister said.
The ANZ today announced unlimited fee-free over the counter transactions for customers aged 60 or over along with a Customer Charter which spells out the service levels the bank is promising to customers.
"This is a good initiative that shows that one of Australia's biggest banks is starting to listen to its customers and not just its shareholders.
"Many older Australians rely on face-to-face banking and are not totally comfortable with new technology and now one of our big banks is addressing this.
"The Government's banking policy centres on working with the industry to get better results for customers. This is a real example of that effort.
"On the other hand, the Labor Party's banking policy were mostly pinched from the banks and the rest is a half-baked fantasy of re-regulating the industry and imposing a big levy on the banks which customers end up paying for.
"ANZ's move is a good first step and I call on other banks to make similar changes and put their customers first."