Turnbull to crack down on credit card charges

Chris McCormack/cm160019

CREDIT card surcharges will be targeted under a Turnbull Government crackdown on unruly business owners using them for profit, under a proposal stemming from a financial system inquiry.

Prime Minister Malcolm Turnbull, Treasurer Scott Morrison and Assistant Treasurer Kelly O'Dwyer released the govenrment's response to former Commonwealth Bank chief David Murray's inquiry today.

The response includes a crackdown on credit card surcharges, a likely massive overhaul of the nation's trillion-dollar superannuation system and tougher standards for banks to hold more cash in reserve for mortgage outlays.

Ms O'Dwyer said the government had already ordered the Productivity Commission to start an inquiry into the super industry, with a view to creating new tools for people to compare super funds and make it easier to change funds for those who wanted to.

She said new laws already before parliament, to cut down on union-backed board members of industry super funds, were also a key part of the government's approach.

But the government will also look at creating new standards for financial advisors, tougher than those proposed under former Prime Minister Tony Abbott's leadership.

Ms O'Dwyer said those standards will require advisors to hold a degree, complete a year of industry-accredited training and complete ethics courses.

While the government backed most of Mr Murrary's recommendations, it shied away from changes to superannuation tax concessions or changes to capital gains tax - issues expected to be looked at in more detail as part of the tax white paper.

Topics:  federal politics malcolm turnbull politics

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