To: Treasurer Jim Chalmers, Minister for Financial Services Daniel Mulino
Stop the Big Banks Profiting from Poverty
Australia’s biggest bank has been caught charging hundreds of millions in unfair fees to people living on pensions, benefits and low wages. At least 2.2 million customers – many older people, carers, disabled people and First Nations families – were hit with fees they should never have paid.
When asked why they wouldn’t refund the money, Commonwealth Bank’s CEO said it would be “taking shareholder money”. That tells us everything we need to know about how the big banks see us.
These fees didn’t come from wealthy investors, they came from people budgeting every dollar to cover food, housing and medicine. Meanwhile the major banks post multi-billion-dollar profits every year.
That's why I'm calling on the Australian Government and ASIC to take action that actually protects people – not shareholders:
Force CBA to refund the full $270 million to every affected customer
No loopholes. No delays. No “selective refunds”. The big banks should pay back what was taken.
No loopholes. No delays. No “selective refunds”. The big banks should pay back what was taken.
Guarantee every low-income person a fee-free basic bank account
If you’re on a pension, benefit or concession card, banks must automatically move you to a no-fee or low-fee account with no paperwork and no opt-in traps.
If you’re on a pension, benefit or concession card, banks must automatically move you to a no-fee or low-fee account with no paperwork and no opt-in traps.
Ban unfair and predatory fees on essential accounts
No more junk charges for overdraws, dishonours or “account keeping” on the accounts people use to receive their income and pay their bills.
Give ASIC real power to crack down on harmful banking practices
Make unfair practices illegal across the financial sector, with penalties that actually deter misconduct – including executive accountability.
No more junk charges for overdraws, dishonours or “account keeping” on the accounts people use to receive their income and pay their bills.
Give ASIC real power to crack down on harmful banking practices
Make unfair practices illegal across the financial sector, with penalties that actually deter misconduct – including executive accountability.
Build a people-first public banking option
Create a publicly owned, low-fee banking service so people aren’t trapped with the big four. Every community – including remote and First Nations communities – should have access to safe, fair banking.
Create a publicly owned, low-fee banking service so people aren’t trapped with the big four. Every community – including remote and First Nations communities – should have access to safe, fair banking.
We trust banks to hold our money safely. When they take advantage of the people who can least afford it, that trust is broken. It’s time to put people before profit and make sure no bank can quietly drain money from the people who need every dollar to get by.
Why is this important?
Because what happened here isn’t an error. It shows how easily money can be taken from people who have the least ability to absorb the loss.
For someone living on a pension or low income, a “small fee” can throw out an entire fortnight: a skipped meal, a postponed prescription, a bill that suddenly can’t be paid. These decisions shape people’s day-to-day survival.
What makes this worse is how quietly it happened. Most affected customers only found out when the regulator forced the banks to hand over the data. And even now, one of the biggest banks in the country is refusing to repay the full amount.
If this is allowed to stand, it signals to every major financial institution that low-income customers are easy targets: less likely to complain, less likely to switch banks, more likely to absorb losses they shouldn’t have to.
That’s why adding your name matters. It shows that people are paying attention, and that this kind of treatment won’t pass unnoticed. It’s a simple step, but it builds the public pressure needed to make sure the rules catch up with reality, and that this doesn’t become business as usual.