Senate debates

Thursday, 10 February 2011

Bank Switching Options

12:12 pm

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

I move:

That the Senate—
notes that:
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
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;
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
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.

12:13 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Shadow Assistant Treasurer) Share this | | Hansard source

by leave—I move as an amendment to the motion:

Omit paragraph (b)

Question put:

That the amendment (Senator Cormann’s) be agreed to.

12:21 pm

Photo of Jan McLucasJan McLucas (Queensland, Australian Labor Party, Parliamentary Secretary for Disabilities and Carers) Share this | | Hansard source

I seek leave to amend general business notice of motion No. 165.

Leave granted.

I move the motion as amended:

That the motion be amended by omitting the following words in paragraph (c): “, single-form, one-step”

Question put.

Original question, as amended, agreed to.