Adam Bandt (Melbourne, Australian Greens) Share this | Hansard source

Despite the interjections that are coming from the opposition, I am pleased to say that these four initiatives offering a better deal for consumers have already been given indicative support by government and opposition MPs alike. The Senate Economics References Committee, in the opposition's majority report, conducted an extensive inquiry into competition within the Australian banking sector in 2010-11 and presented its report presented in May of this year. The four initiatives contained in this bill are entirely consistent with the recommendation of those four coalition senators, two Labor senators and Senator Xenophon. I now look forward to their colleagues in this House not only embracing the concepts recommended by their party colleagues in the other place but also having the will to implement them quickly and fully in legislation in the interests of getting a better deal for their constituents.

We have made some progress in the two years since the Greens first proposed to remove mortgage exit fees and scrap $2 ATM fees. The government has agreed to the exit fee ban and established a review of what can be done with ATM fees. We await the results of that review and hope and expect that it includes the removal of fees for on-screen balance inquiries as well. The Fraser review has now reported and makes a strong case for the bill I have put before the House today. I am hopeful that the government's acceptance of the Fraser review recommendations and this bill can form the basis of a discussion between the Greens, the government and others in this parliament on putting in place these important reforms. We will also continue to push for a commitment from this government to move to a system of portable account numbers in the medium term.

Unfortunately, it seems the government is not ready to do what is needed for lenders mortgage insurance. More information in this area is not enough, so we will be pursuing the measures outlined in this bill. Again, we are yet to hear where the government stands on term deposits and ensuring that customers are able to get the best deal when rolling over deposits at the end of the term. There is still much work to be done when it comes to banking reform. We are committed to reining in the excessive profits of the big banks, improving competition and getting a better deal for customers and small businesses. That is what this bill does and it is what we continue to work for. I commend the bill to the House.

Bill read a first time.

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