Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

If you want to have effective, informed competition, which is necessary to force down the price of the product—in this case, the fees—you have to be able to ensure that individual consumers can switch easily from one provider to another. That is exactly the point of the switching package that the Treasurer and the Assistant Treasurer have been working on. As I understand, there has been some level of cooperation to date by the banks and through the Australian Bankers Association. There has been a relative level of cooperation in respect of bank switching to allow individuals to move. There are effective barriers at the present time in addition to consumer knowledge— (Time expired)