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> NATIONAL NEWS

Tuesday Apr 8 10:18 AEST

Govt taken eye off bank fees: Fielding

Sunday Sep 16 18:01 AEST

A Senate inquiry charged with examining whether consumers are being ripped
off by bank fees is set to report without having any public hearings.

Family First Senator Steve Fielding has accused the federal government of
taking its eye off the ball on important issues like bank fees because of its
internal leadership woes.

The Senate Economics committee is investigating laws designed to give the
Australian Securities and Investments Commission (ASIC) more power so that banks
cannot charge exorbitant fees for dealing with dishonoured cheques or direct
debits.

The legislation, introduced into parliament by Senator Fielding, would ensure
banks could only charge cost recovery for such processes.

Senator Fielding
said he was disappointed the committee was due to report without having held any
public hearings.

"It is really outrageous, they are far too busy with their leadership
issues," he said.

"There hasn't been a public hearing so this report can't be conclusive."

Committee chairman Michael Ronaldson was not immediately available for
comment.

Fourteen submissions were received by the committee, canvassing numerous
cases where banks fees had caused hardship for people.

The Consumer Credit Legal Service (WA) Inc reported one case where a person
on welfare payments was charged a $40 penalty fee because the bank withdrew a
direct debit credit card payment on the wrong day.

In another case a single mother was charged a $35 overdrawn fee because her
account was $2 in the red.

Also this week, Senator Fielding is due to meet Prime Minister John Howard to
discuss some of his proposals for families, including a bumper baby bonus when
parents have a third child.

Families would receive a $10,000 baby bonus for the third and subsequent
child under his plan.

The payment is currently just over $4,000 for each child.

"Australia is not having enough children, and that's a serious issue for our
future given our rapidly ageing population," Senator Fielding said.

"The simple reality is Australia needs more children, and offering a $10,000
bumper baby bonus will encourage families with two children to consider having a
third. So many of these families would like more children, but decide against it
because of financial pressures."

The senator is also proposing a change to the government's childcare tax
rebate, replacing it with a $4,000 flat payment for all families irrespective of
whether they have children in care.

©AAP
2007

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