10 November 2010

Independent MPs voice doubts over Joe Hockey's bank reform bill

KEY independent MPs have questioned Coalition plans for a private member's bill to give the consumer watchdog greater powers to investigate price signalling by banks.

Tony Windsor and Bob Katter say giving the Australian Competition and Consumer Commission more power won't guarantee success in creating more competition in the banking sector.

Coalition treasury spokesman Joe Hockey said today the practice of banks signalling interest rate changes led to “collusion and anti-competitive behaviour”.

His plan for private members' legislation to give the ACCC greater powers appears intended to embarrass Labor and to pressure it to act more quickly to force more competition in the banking sector.

Wayne Swan said yesterday the Gillard government would announce a package of changes next month to boost competition in the banking sector, but Mr Hockey said the Treasurer should move immediately.

theaustralian.com.au 4 Nov2010

Here we have anothe example of “collusion and anti-competitive behaviour”, which at the end of the day is illegal.

As always nothing is done as this is at the expense of the general public.

Governments, lawmakers etc are deliberately VERY slow to act in the interest of the public.

BUT, when it comes to speeding, laws are put in place IMMEDIATELY, in order to raise revenue.

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