Australian Greens Leader Bob Brown said that the record $6.1 billion profit posted by the Commonwealth Bank yesterday showed that better regulations were needed for the banking sector.
"The average Australian pays around $1000 in bank fees every year," said Senator Brown.
"That is too much.
"The Greens Fairer Banking Bill outlines a range of measures to protect consumers from excessive profiteering by the big banks.
"To start with, we would ban $2 bank ATM fees, which penalise poorer people the most.
"For a pensioner withdrawing $20, a $2 fee is a 10% tax.
The Greens Fairer Banking Bill includes:
- A ban on $2 ATM fees
- Compulsory Basic Bank Accounts
- Fair Price Mortgages that provide a fixed gap between what banks pay for their money and the interest rate they charge mortgage holders.
- Up-front Notification of Exit Fees and capped exit fees on loans to small business at the cost to the lender of the early termination
- Support for the introduction of portable bank accounts for small businesses to promote competition