Mr HOCKEY (2:36 PM) —My question is to the Treasurer. I refer to the announcement today by the National Australia Bank of a 63 per cent increase in its profit to $4.2 billion. Given the Treasurer has now given 32 warnings to the banks, I ask the Treasurer: will he accept the recommendation of the ACCC, which is supported by the coalition, and put in place legislation to prevent price signalling?

Mr SWAN (Treasurer) —I thank the shadow Treasurer for his question. It follows the answer that I was giving before, because the government is absolutely committed to making our banking system—and, indeed, our economy—as competitive as possible. I do think there has been a degree of sense in some of the suggestions that have been made by the Chairman of the ACCC.

Opposition members interjecting—

The SPEAKER —Order!

Mr Hockey —That was one of the nine, you dope!

Mr SWAN —I am sorry, but it was not. It was not a suggestion or an original thought of those opposite at all. This is something that the Chairman of the ACCC has talked about on a number of occasions, and the government has been talking to him about it, as any responsible government would do. What we have put in place so far is a range of very significant reforms, particularly the consumer reforms I was talking about before and, of course, the investment in the AAA rated residential mortgage backed securities, which are securing funding to banks. I have made it very, very clear that there is no justification for very profitable banks moving above any change in the cash rate that should come from the Reserve Bank—no justification at all. The figures from the NAB today proved that yet again.

Mr Hockey —Mr Speaker, I seek leave to table my speech. Item No. 1 is, ‘Let’s give the ACCC power to investigate collusive price signalling.’ You just said it was a great speech. Thank you.

Mr Swan interjecting—

The SPEAKER —Order! Leave is not granted. The Treasurer will resume his seat. The Treasurer has not got the call. the member for North Sydney has not got the call, leave is not granted—and somebody is going to help me out by jumping!