Treasurer gives banks rare pat on back

It’s not often these days that Treasurer Scott Morrison has a good word for Australia’s big banks.


But when they do something good for their customers he is willing to give them at least some credit.

Commonwealth Bank announced on Sunday it was scrapping it $2 fee on customers of other banks when making withdrawals using their ATMs.

ANZ was quick to follow suit, and Westpac is reportedly doing the same.

Mr Morrison said he was pleased to see the ice broken on the issue of ATM fees.

“Australians are sick and tired of all of these fees that mount up,” he told reporters in Sydney.

He said the government is putting pressure on the banks to put their customers first.

“So when banks respond in this way, I am happy to give them a pat back when they do the right thing,” he said.

Labor’s financial services spokeswoman Katy Gallagher said these fees have been unfairly chipping away at people’s savings little by little for years.

“Today’s decision has shown that the game is finally up,” she said in a statement.

“There is no doubting that Labor’s calls for a Royal Commission has led to this decision.”

Greens senator Peter Whish-Wilson agreed, saying there is no way CBA would have made this move without the public pressure on them over their multiple scandals.

He said a royal commission or a parliamentary commission of inquiry will put more pressure on the banks to lift their game.

“Australians have had enough of these rip-offs and now it seems some of the banks are realising it,” the senator said in a statement.