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.

Photo: Andrew Meares

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.