The Minister for Financial Services & Regulation, Joe Hockey, today referred Westpac Banking Corporation's price increases to the Australian Competition and Consumer Commission for investigation.
"I have asked the ACCC to take a closer look at how savings from the New Tax System will be specifically reflected in Westpac's bank fees.
"All Australian consumers - including bank customers - are entitled to receive the full benefit of savings from the New Tax System.
"As one of the country's leading financial institutions, I would welcome Westpac showing some leadership on this issue.
"In addition, all banks are major beneficiaries of the reduction in company tax, from 36 per cent to 34 per cent, which comes into effect on Saturday."