Australian Treasurer aims to lower consumer fees

by Richard Kilner

Story link: Australian Treasurer aims to lower consumer fees

Australian Treasurer Wayne Swan has fast-tracked a plan that will enable consumers to change their bank for less cost than at present.

The move comes as Australian banks hike their mortgage interest rates more quickly than the central bank, fuelling consumer anger.

In Sydney tomorrow the Council of Financial Regulators and Swan will meet prior to signing off the plan.

It is Swan’s first important piece of legislation, and is aimed not only at lessening consumer anger but also at promoting a greater degree of competitiveness between Australia’s banks.

Switching home loans, for example, can cost thousands of dollars in fees.

Swan has been a vocal critic of banks that have hiked their own interest rates above the central bank’s official rate.