A $22.50 processing fee has been applied to each question answered during the parliamentary inquiry into banks, it was revealed today.
The government – which only discovered the fee today – has racked up a debt of $695,000 in the three days of the inquiry so far.
A spokesperson for the banking sector said the fee was in line with current banking practices and represented a fair price for customers.
“We’re working hard to keep fees for our customers to a minimum. That’s why we’ve reduced our question-answering fee from $50 to just $22.50 this year. It’s our way of saying ‘thanks’ for banking with us,” the spokesperson said.
He added that a 37.85% interest rate would be applied to the $695,000 outstanding amount, calculated hourly.
The government responded quickly and forcefully to the news, saying they would need to reduce the number of questions immediately.
This story first appeared at The Shovel.