National Australia Bank has released details of the cost for reimbursing customers for over-charging of fees on a range of
financial packages, as well as updating initial estimates in relation
to over-charging of Bank Account Debits tax. 

These issues date back several years.  Incorrect collection of
Debits tax date back as far as 1982 when the tax was first introduced,
while overcharging on package fees may date back to 1994, when the
first package was launched.  The
estimated total overcharging for both the package fees and Bank Account
Debits tax amounts to approximately A$62 million before tax.  This
consists of an estimated A$10 million for Debits tax, and A$52 million
for package fees that will be reimbursed.

In addition, NAB will reimburse customers approximately A$18 million
in interest. This consists of approximately A$4 million for Debits tax,
and A$14 million for package fees.

NAB will also set aside A$30 million to cover remedial activities and contingencies.