Credit card crackdown as PM backs finance inquiry

CREDIT card surcharges will be targeted under a Turnbull Government crackdown on 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 government's response on Tuesday to the inquiry, which was conducted by former Commonwealth Bank chief David Murray.

Aside from the crackdown on credit card surcharges, the response includes an overhaul of the nation's trillion-dollar superannuation system and tougher requirements on 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 making it easier to change funds.

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.

The government will also look at creating new standards for financial advisors, tougher than those proposed under former prime minister Tony Abbott's leadership.

Business groups have largely backed the changes, despite concerns among super funds and banks about the impacts on their bottom lines.

While the government backed most of Mr Murray's recommendations, it shied away from changes to superannuation tax concessions or changes to capital gains tax.

CHANGES

Ban on "unfair credit card surcharges"

Inquiry into superannuation fund efficiency

Stronger professional standards for financial advisors

Banks to hold more capital to weigh against mortgages and loans


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