Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I am delighted to receive this question, because the bank-switching package that we are putting in place is the first time there has ever been a bank-switching package. Those opposite could not find it within their hearts to put in place a bank-switching package for 12 long years. We are working with the banks and the Reserve Bank to put in place a bank-switching package which will be fully operational by November.

For the first time, banks will be compelled to participate. This is a huge advance because, in the past, people have been trapped. They have not been able to easily move their transaction accounts, and the capacity to move their transaction accounts is a very important power to have if we want to have a competitive banking sector. When you want to move, the capacity to access your credits and your debits from your bank is very important because so much of the household budget is tied up—

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