Nick Xenophon (SA, Independent) Share this | Hansard source

My question is to Senator Sherry, the Minister representing the Assistant Treasurer and Minister for Financial Services and Superannuation. Almost 200,000 Australians have signed up to a class action against Australian banks to recover almost $300 million in unfair bank fees, such as late credit card payments and account overdrafts. In some cases, customers can go just $1 over the limit yet the bank will penalise them for $30 or more. I note the current campaign on such fees is being spearheaded by Choice, the Australia Institute and GetUp!. My question is: why has it taken individuals to launch litigation against banks to stop this unfair behaviour, rather than the government legislating for fair treatment of bank customers?