Bank Fees Controversy Sparks Debate in Australian Parliament

The CEO of the Commonwealth Bank of Australia, Matt Comyn, rebuked claims by MP Jerome Laxale about banks charging unfair fees on debit and credit card transactions. Comyn dismissed the allegations as misinformation, emphasizing the harm such statements could cause to public trust in institutions.

The CEO of Commonwealth Bank of Australia, Matt Comyn, criticized a member of parliament for spreading misinformation. The accusation arose over claims that banks were unfairly charging shoppers for debit and credit card payments.

During a parliamentary hearing, lawmaker Jerome Laxale asserted that banks collect A$4 billion annually from these fees, illustrating his point with a physical comparison of cash versus card payments. Comyn refuted the figure as exaggerated and harmful.

Comyn stressed the erosion of trust in institutions due to factually incorrect claims. He urged for accuracy in public statements to maintain consumer confidence in the banking sector.

(With inputs from agencies.)