In this transcript of an interview on ABC’s 7.30 Report the Treasurer, whilst confirming he has instructed Treasury to review bank switching fees, has ruled out legislation regulating bank fees:

No, I’m not talking about legislating, but it involves issues which
are broader than just fees. There are a whole series of issues involved
in the portability of accounts and people moving their accounts from
bank to bank. I will approach this in a rational way; I will approach
it in a way which is based on the evidence that is put before me. 

The
Treasury is looking at all of these issues. I’ve yet to receive their
report and I’ve yet to have a session with the major banks about all of
those issues. I’ll give them plenty of opportunity to put their point
of view to me…

I’m ruling out legislation. We don’t regulate the banks when it comes
to fees and charges in this economy, it’s not a centrally planned
economy. But what we need to have is a competitive market.