[Greens-Media] SENATOR KERRY NETTLE: Westpac profiteer from fees: Greens call for regulation

[Edwards, Jon (Sen K. Nettle)]

04.05.06

Westpac profiteer from fees: Greens call for regulation


Greens Senator Kerry Nettle today called for federal regulation of banks
fees and charges as Westpac announced a record $1.5 billion half year
profit.

"The gouging of bank customers by the big four Australian banks is a
national disgrace. You can't find an Australian who will say that the
fees charged by the big four banks are fair," Senator Nettle said.

"Westpac last month increased the fee for using another banks ATM from
$1.50 to $2.00. A 33% fee increase looks like profiteering when the bank
is already making record profits.

"The Greens are calling for new laws to regulate the way banks charge
fees. The role of the Reserve Bank or the Australian Competition and
Consumer Commission in overseeing bank fees needs to be reviewed.

"Currently there is no way to regulate these fees. That is unacceptable.

"Anyone who has lived in the UK and enjoyed fee-free banking and ATM use
from British banks will know that the Australian system is exploiting
customers.

"Australian banks are among the most profitable companies in Australia.
Net profits for Australian banks in the 2004-05 financial year were in
excess of $17.1 billion. It is not credible for the banks to argue that
high fee levels are necessary when they are making such huge profits.

"This profit announcement is a slap in the face to families hurting from
soaring petrol prices, interest rate rises, and higher bank fees. The
Greens will be focusing on pressuring the government to regulate an
industry that is out of control."

Contact - Jon Edwards 0428 213 146