The Minister for Financial Services & Regulation, Joe Hockey, today welcomed debate surrounding the report of the Parliamentary Committee into bank fees.
"I welcome policy debate on the issue of bank fees and services and will be examining the work of this inquiry," the Minister said.
"I urge the banks to also take a close look at this report and take action, where appropriate, to improve services for their customers.
"This report will complement other initiatives such as the ASIC Transaction Fee Disclosure Working Group, and the Viney Review of the Code of Banking Conduct.
"I note that the Labor members of the Parliamentary Committee, in a dissenting report, have called for formal monitoring of bank fees.
"How can Australians take Labor seriously on banking, when they had 13 years to monitor bank fees and only chose to do so just two days before the 1996 Federal election?
"If Labor is serious about banking I urge them to contribute to the policy debate and make a submission to the Viney Review of the Code of Banking Conduct.
"This independent review which has been under way for nine months, has received 23 submissions including one from the Federal Government - but no submission from Federal Labor."