Alannah Mactiernan (Perth, Australian Labor Party) Share this | Hansard source

It is with considerable enthusiasm that I support the Competition and Consumer Amendment (Payment Surcharges) Bill 2015. I think it is very important that, as we move increasingly towards an economy based on the use of credit cards, we ensure that we have some basic consumer protections in place. It is very important that we ensure that consumers, in purchasing an item using a credit card, do not find themselves with an unexpectedly large surcharge.

I do note the comments of the member for Hughes. I have some sympathy with his sentiment. Many of my constituents, as the discussion about this matter has unfolded and as the discussion about the behaviours of banks unfolded through the recent Senate inquiry, have argued that banks should be more heavily regulated and that their interest charges should be regulated. The member for Hughes has expressed his faith in the markets, saying that we do need to have competition and that merchants and banks should be free to set the charges as they wish. In a perfect world, where you are studying economics 101, that might be an appealing idea, but we are all very aware of market failure and of the problem of the increasing concentration of power.

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