Unfair credit card surcharges will be banned and workers will have greater choice of default superannuation funds under federal government financial changes.
The two measures are part of the government's formal response to the Murray inquiry into Australia's financial system, the recommendations of which had been in the hands of former treasurer Joe Hockey for nearly 11 months.
Prime Minister Malcolm Turnbull made a pointed reference to the delay, insisting on Tuesday the measures were "a response of the Turnbull government".
Under the changes merchants will be prevented from imposing credit card surcharges that exceed the cost of accepting a card payment.
To put a stop to the unfair gouging of credit card users, with some surcharges as high as 10 per cent of the purchase price, a "fair dinkum" test will be introduced and it will be up to the Australian Competition and Consumer Commission (ACCC) to make sure it is enforced.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"It has to be about the fair dinkum cost of what someone is actually absorbing and passing on," Treasurer Scott Morrison told reporters in Canberra.
On superannuation, workers will have greater choice of default funds, making the sector more competitive.
"It's not the fund's money, it's not those who run the fund's money, it's the workers' money," Mr Morrison said.
"They shouldn't be stopped, prevented as they currently are, under various agreements and awards from having their own money going to the fund where they want it to go to."
The government will ask the Productivity Commission to provide a framework to help people to make good superannuation choices.
The government will also look towards raising the educational standards of financial advisers, while also calling on banks to retain additional funds to ensure the financial system remains resilient during difficult times.
The Australian Greens want the crackdown on merchant fees extended to bank ATM fees and will look into amending legislation when it comes before parliament.
"It's time that people weren't paying for the privilege to access their own money," Greens MP Adam Bandt told reporters.
"There is no reason to allow banks to continue to gouge customers with ATM fees of $2 or $2.50 when it only costs 77 cents to get your money out."
