Greens Treasury spokesperson, Senator Peter Whish-Wilson, is calling on Scott Morrison to bring forward the account portability measures in the budget, to make it harder for the big banks to pass on costs to customers.
Senator Whish-Wilson said, “The Greens took full bank account portability as a policy to the 2016 election. Bringing this in would allow customers to change bank accounts with a couple of mouse clicks.
“If we brought forward bank account portability, then the first bank to put up fees would be faced with an immediate exodus of customers.
“Bringing forward bank account portability is the best way to stop the banks squealing and to increase competition in the banking sector.
“A well-designed system would allow customers to change bank accounts simply, without needing to repeat the process of setting up any of their automatic payments for bills, rent or car re-payments,” he concluded.