Treasurer Scott Morrison is pleased a new report by the consumer watchdog shows his government's bank levy was not passed on to customers as some people had feared.
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Mr Morrison had tasked the Australian Competition and Consumer Commission to monitor the banks after the government introduced a $6 billion levy on the big four retail banks and the nation's largest investment bank, Macquarie Bank, in last year's federal budget.
Based on ACCC assessment, the levy was not passed on.
"It is what my expectation was, and that is, indeed, what has occurred," Mr Morrison told reporters in Sydney on Thursday.
But the ACCC did find, as in the case of the big energy companies, the banks use complexity against their customers.
"What we need is greater transparency, more competitive pressures and more power to the customer, whether it's banks, big energy companies or others - I want banking customers to get the best deal," the treasurer said.
That was why the government moved to introduce comprehensive credit reporting, along with a suite of other initiatives, such as a banking executive accountability regime, he said.
Australian Associated Press
