Lower bank fees support Australia's Pacific engagement

Iwelcome the Commonwealth Bank's decision this week to join the ANZ and Westpacbanks in reducing fees for money sent internationally. These reductions willbenefit customers in Australia and their families overseas.

Inparticular, thousands of communities in the Pacific region rely on money sentfrom friends and family who live and work in Australia. Remittances fundessential services like education and health, and can help entrepreneursestablish small businesses and create jobs. These economic links with theregion benefit Australia and our industries, and help Pacific Islanders buildtheir skills, experience and savings to improve livelihoods.

Giventhese benefits, the Australian Government has continuously advocated forreducing the cost of remitting money from Australia.

TheAustralian aid program supports price-comparison initiatives like the Send Money Pacific website, andpromotes new technologies that enable peoplein the Pacific, especially women, to access effective financial services. Theeconomic empowerment of women is crucial in developing strong societies andstrong economies.

Iencourage Australian banks to continue exploring ways to reduce the cost ofsending funds overseas, in order to ensure that more remittances can bedirected to those in our region who need it.