Fanning further the already burning issue of banking controversies, opposition treasury spokesman Joe Hockey said on Friday that he is set to file a legislation that would bolster the power of the Australian Competition and Consumer Commission (ACCC).

Claiming both the support of the Australian Green Party and independent lawmakers, Mr Hockey said that the bill is set to give ACCC the authority to probe on price signalling, long the platform of major banks in explaining that borrowing costs prompt their high interest rates.

The move came following Prime Minister Julia Gillard's patronising remarks on Thursday, enjoining Australian banks clients to detest bank policies and switch back if necessary.

Nevertheless, the federal government seemed pouring some attention on the Liberal tactics on the issue as it indicated that the opposition measures should make their way on its own package of reforms that it pledged would be unleashed on December, serving maybe as a Christmas gift for bank consumers.

His banking plan, according to Mr Hockey, was in response to the government's unwillingness to restore competition in the industry as he stressed that "if the government is not prepared to take action to have more competition in banking, we will."

However, Federal Treasurer Wayne Swan insisted that the government has been mulling on bank reforms even before the searing controversies on the banking sector elicited the attention of more Australians, mainly due to the banks' autonomous rate policies and monstrous profit returns that run into billions of dollars.

Mr Swan maintained that effective reforms were on their way but the government would not be budged into rushing their implementations just because the Coalition or more correctly, Mr Hockey is stirring considerable noises on the issue.

The government's banking reform plans embody not only regulatory provisions but also a support blanket for small lender that would enable them to pit head-on with the country's major banks, especially the big four.

Mr Swan is confident that his approach of helping out the industry's small lenders would prompt more honesty from the major banks.

He added that part of the package is the introduction of ban on exit fees which should allow clients easier means to transfer their mortgage fees, a measure planned by the government as early as last year but was pulled out eventually.

With that measure still waiting for actual realisation, Ms Gillard seemed reduced to offering some comfort for affected bank consumers by encouraging them to be angry if they feel they need to, or better yet, take their business elsewhere.

Yet a survey indicated that such decisions were far from the immediate concerns of most Australian as opposition leader Tony Abbot reminded the prime minister that government action is what the people demands now.

Mr Abbot stressed though that with government reforms still waiting to be revealed next month, consumers may have to wait for concrete actions to materialise until middle part of next year, if political weather permits.