International Law

In this transcript of an interview on ABC's 7.30 Report the Treasurer, whilst confirming he has instructed Treasury to review bank switching fees, has ruled out legislation regulating bank fees:

No, I'm not talking about legislating, but it involves issues which are broader than just fees. There are a whole series of issues involved in the portability of accounts and people moving their accounts from bank to bank. I will approach this in a rational way; I will approach it in a way which is based on the evidence that is put before me. 

The Treasury is looking at all of these issues. I've yet to receive their report and I've yet to have a session with the major banks about all of those issues. I'll give them plenty of opportunity to put their point of view to me...

I'm ruling out legislation. We don't regulate the banks when it comes to fees and charges in this economy, it's not a centrally planned economy. But what we need to have is a competitive market.