Nick Xenophon (SA, Independent) Share this | Hansard source

I move:

That the Senate—

(a)

notes that:

(i)

the Government has initiated a feasibility study into full account portability, due for completion by 30 June 2011, examining options that will make it easier for Australians to find a better banking deal, and

(ii)

the inquiry of the Economics References Committee into competition within the Australian banking sector has heard substantial evidence that Australians are frustrated by the difficulties of switching their transaction accounts to get a better banking deal;

(b)

recognises that simple steps making it easier for Australians to switch banks can be taken immediately, allowing consumers to save money through a better deal without delay; and

(c)

calls on the Government to support steps requiring banks to provide a simple, single-form, one-step process for customers to move their transaction accounts to the bank of their choice, including all debits and credits.