Craig Laundy (Reid, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the government providing greater choice and transparency in our financial sector? Will the Treasurer update the House on steps being taken by the government to reduce overcharging and profiteering through credit card surcharges?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Reid for his question. He knows more about small business and more about business than certainly anyone on that side of the House, and those on this side of the House who have that experience will know that he has been a great success when it comes to his experience in business. What he knows and what we all know is, in a strong and competitive economy, the consumer must be at the top of the tree. The economy must be directed towards the consumers, for them to have the most choices possible, and they need to be in the driver's seat of our economy. The economy must be able to respond to those demands, and they need to have as many choices as possible. That is what is necessary to ensure we can have strong growth in our economy and we can have jobs growth in our economy.

This week the government acted. The Turnbull government acted to increase choice and to empower consumers in our economy through our response to the Murray review. We are giving Australians greater control of their own savings for their retirement through superannuation: through greater choice of funds—not having those choices directed by unions and others—through greater choice of products, and particularly encouraging them to take on the annuity-style products which will ensure that they will have an income stream in their retirement years, and through ensuring that there is even better advice available to people about these decisions and there is stronger governance of superannuation funds, which continues to be opposed by those opposite. You have got to ask yourself the question: why would they oppose having better governance of people's superannuation? They must think it is their money. We know it belongs to those who have saved for it.

In addition, we will legislate to ban profiteering card surcharges and we will introduce a fair dinkum test so you can only charge what you have been charged yourself, as a merchant. This has been warmly welcomed. Choice have said:

We have long campaigned for a better banking system in Australia and the Federal Government's decision today to crush sky-high credit card surcharging delivers on a big priority for consumers.

That is what the Turnbull government has done. We will act to ban, through legislation, these profiteering surcharges. Today I met with the head of the ACCC to get that process underway. We will do this as quickly as possible. We will work with businesses who will be affected by this decision, to ensure that there is a very fair process.

This is part of our broader plan to grow jobs and to grow the economy—whether it is a consumer focused competition policy or ensuring tax system changes that encourage people to work and to save and to invest, or the innovation statement which will be delivered later this year, or the $50 billion worth of infrastructure spending, or strengthening the budget. All of this, together with the free trade agreements which have been completed by the Brownlow medallist of ministers in the parliament, the Minister for Trade and Investment—this is how we are growing the economy and growing jobs. (Time expired)

Mr Perrett interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Moreton is now warned!