Steve Fielding (Victoria, Family First Party) Share this | Hansard source

Mr President, I do have a supplementary question, although I do not think the primary one was really answered at all. It is also clear there is not effective competition in the market to stop banks charging outrageous bank penalty fees. Banks benefit from a high degree of regulation protecting their place in the market but they do not want regulation protecting families from exorbitant bank penalty fees that can be up to 92 times the cost of processing the transaction. What is the government going to do to protect families from this market failure?