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

I just thought it was a weak argument! And Senator Ronaldson said that I have a weak argument. He is not shy in coming forward, and I respect that. But let us wait and see, I guess. I still believe this amendment has merit. It is about tying in a test to make it clearer as to what is reasonable or not. It does not seem unreasonable to have a material link between the actual costs of providing a service and what a consumer is charged. Some banks and credit institutions charge a fee that is completely disproportionate to the cost of providing that service, and that is what this amendment is intended to provide clarity on. The minister has indicated that he will provide an answer in due course in relation to the matters raised. I think ASIC has one hand tied behind its back by virtue of the vagueness involved in these current regulations. So I will maintain this amendment and, if there is another voice with me, I will be seeking a division.