Australian Treasurer’s bank plans weeks away

by Richard Kilner

Story link: Australian Treasurer’s bank plans weeks away

Australia’s Treasurer, Wayne Swan, has admitted that his plan to boost banking competitiveness and lessen charges for consumers is weeks away from being enacted fully.

Swan has stated that the banks will need a little time to make the necessary changes, but that they had indicated to him they would be moving as swiftly as they could.

Currently changing accounts is seen as a hassle, according to the Treasurer, and his plans will make it both cheaper and simpler to switch from one bank to another.

One of the central tenets of the plan is the right for a consumer to demand a comprehensive list of all direct credits and debits pertinent to their account.

Under the scheme, a hotline for disgruntled customers will be established, and a website containing guidance on switching bank accounts is in the process of being created.