Mr Swan said talks would be held over the next fortnight on a range of reforms to “make the market more competitive”.
“Everybody knows we’ve been impacted upon by the US sub-prime mortgage crisis that has pushed up the cost of money,” he said.
“But, as I said last week, some of the increases we saw by the banks were not justified. In my view, they were excessive.
“I urge people to vote with their feet. If there are obstacles to people voting with their feet, switching their accounts, we’ll have a look at those.”
It is good to see the government considering doing something real about competition in the banking market.