The lack of competition in the overseas remittance sector is a significant consumer issue that disproportionately affects our culturally and linguistically diverse communities.
I've been working with Tony Burke to ensure that Australians who send money overseas get a fair deal.
On Monday 30 October, my colleagues Terri Butler and Graham Perrett will be hosting Tony and myself to hear directly from Brisbane groups about how higher costs of sending money overseas are affecting your community.
We want to hear from you, your members and your communities, please join us:
WHEN: Monday 30 October, 10.30 am – 11.30 am
WHERE: Wellers Hill Bowls Club, 164 Sexton Street, Tarragindi
RSVP & Enquiries: Nick.Terrell@aph.gov.au
Labor has been holding community consultations to learn how the lack of competition in the overseas remittance sector is affecting Australian communities.
We think the market can be fairer and it’s important that we hear from you about what’s at stake if people sending money to friends and family abroad can’t get a fair deal.
Hearing directly from people that make most use of remittance services will improve our chances of getting customers a better deal.
Please get in touch with any questions.
Shadow Assistant Treasurer
Shadow Minister for Competition and Productivity
Shadow Minister for Charities and Not-for-Profits
Shadow Minister for Trade in Services
Member for Fenner
Shadow Minister for Citizenship & Multicultural Australia
Shadow Minister for Environment and Water
Shadow Minister for the Arts
Manager of Opposition Business
Member for Watson
In the past years, fees have risen and competition has fallen off. For the large numbers of Australians who regularly support family overseas, it has become harder and more expensive to send money where it’s most needed.
Fewer competitors mean customers have little choice about which service to use, and unclear pricing structures mean customers are unable to judge a fair and competitive deal.
On average, someone who tries to send $1000 from Australia to a developing country will see $77 eaten up by transaction fees and exchange rate spreads.
People sending money overseas should be able to easily choose the best deal and avoid unfair fees and charges. We believe the market should be fairer.
Opposition assistant Treasury spokesman Andrew Leigh said Labor would consider forcing banks to state the total cost of any foreign exchange transactions in dollars to customers.
“Simpler fee structures will result in a fairer system and put downward pressure on the cost of transferring money overseas,” he said. “It would be similar to the comparison rates we already enjoy when shopping for car loans, mortgages and credit cards.”