Page 1176 - Week 05 - Wednesday, 24 June 1992
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Just to summarise, Madam Speaker, the processes that I have described are not easy. I require that they take place in consultation with the unions and, in that context and with very careful management of staff and resources generally, agencies are working towards achieving their 1991-92 salaries appropriations.
MR KAINE: I ask a supplementary question, Madam Speaker. Taking the figures that you have presented, that only 139 have been considered for redundancy, I think your answer was that they would all be out of the system by the end of the fiscal year. We are getting close to the end of the fiscal year and we do not know how many have actually gone. Is it reasonable to assume, since this is only just happening now, that the projected reduction of $6m in the salary vote is unlikely to be achieved, or anything like it?
MS FOLLETT: Madam Speaker, the actual outcome of the 1991-92 budget is obviously a matter that is still being worked upon and I cannot give final figures at this stage. I have given Mr Kaine the information that I have to date. Clearly, that position will be clarified over the period to the end of the financial year and immediately after the financial year.
Financial Institution Fees and Charges
MR LAMONT: My question is directed to the Minister responsible for consumer affairs. Can the Minister inform the Assembly as to what steps have been taken to alert ACT consumers to the range of fees and charges applied by banks and other financial institutions?
MR CONNOLLY: I thank Mr Lamont for his question. There has been considerable public concern and agitation in recent months and years about bank fees and charges, and some degree of dissatisfaction with the practices of banks.
Mr Moore: We have already read this in the paper.
MR CONNOLLY: It is appropriate to let Assembly members know what is going on, Mr Moore, even if they do happen to read the Canberra Times. I am pleased to indicate to the Assembly that we have taken an initiative here, not to intervene in the market but to ensure that consumers are properly informed so that they can select a financial institution that offers them a good deal.
We have published in this month's "ACT Alert", which I hope all members are receiving - if you are not, contact my office and I will ensure that you do - a list of the 11 financial institutions operating in the retail market in Canberra. It sets out very clearly the variations between charges and services offered by institutions, and it is clear that if consumers shop around they can get a good deal to suit their particular budget. It is not a single market with a single fee. People with a substantial ongoing balance in their account might be happy with an account that pays a high rate of interest but imposes charges if your balance drops below a certain level. Other consumers who operate their savings account basically to run their household budget, with regular incomings from wages or benefits, would prefer an account with a lower rate of interest but which does not impose fees on a lower balance.
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