Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

Those opposite appear to be intent on ensuring they have no economic credibility and no fiscal credibility. Hard-wired to oppose everything and intent on wrecking the surplus, they are also intent on blocking reforms which are about increasing competition in the banking sector—reforms aimed at assisting Australian consumers.

In December last year the government announced that we would scrap mortgage exit fees on new home loans for all Australian consumers. This was passed into law earlier this year and will apply from 1 July, just a couple of weeks from now. We understand that exit fees are one of the biggest barriers to competition in the banking system. If the opposition do not believe us, perhaps they might listen to consumers and perhaps they might listen to Choice, who said that banning exit fees 'is about giving power back to the most important people in Australia's banking sector—consumers'. Unfortunately, for those opposite the most important people in the banking sector are clearly not Australian consumers. Clearly the most important people in the banking sector for those opposite are the banks, not Australian consumers. Unfortunately, what we have seen over the weekend is the shadow Treasurer, Mr Hockey—

Senator Cormann interjecting—

Senator Cormann is interjecting endlessly. Perhaps he did not know Mr Hockey was going to say this. We know that Mr Hockey is a little bit keen on making announcements when he feels like it, but Mr Hockey has made it clear that the opposition is going to challenge the ban on exit fees in the coming weeks. Opposition: opposing this reform. (Time expired)