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

I thank the member for Hindmarsh for what is a very important question. This government has worked every single day for a very strong and stable banking sector in this country. It is why we took decisive action at the height of the global financial crisis. We did it for the country. We did it to secure the supply of credit. It is why we have introduced covered bonds into this House—to assist the banks with their long-term funding profile.

My belief as Treasurer, and the belief of the government, is that the banking system should work for all Australians—for every customer, for every worker, for the shareholders, for the broader community and for the whole economy. We have heard the half-yearly profit of the Commonwealth Bank today: $3.7 billion. They have made that profit despite global volatility in financial markets. It shows that they are hugely profitable. That is why we on this side of the House are so committed to competition reforms, so that people who are unhappy with their bank can walk down the road and get a better deal. That is why we have put in place a range of comprehensive measures. One of those measures was to abolish mortgage exit fees.

Mr Hockey interjecting—

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