8 May 2017
Sydney, 8 May 2017: The Australian Bankers’ Association has today welcomed the Federal Government’s announcement of an inquiry into the competitiveness of the financial system.
ABA Chief Executive Anna Bligh said: “Banks want an industry that is as competitive as possible, so customers get the best deals.
“It is particularly pleasing that the review will examine all parts of the financial services industry.
“Financial products and services help customers with some of their biggest decisions in life. The more choice customers have the more likely they are to find products that are right for them.
“We welcome the Productivity Commission inquiry, which will provide us with a thorough, robust and credible assessment of competition in the financial system.
“It adds to the 15 government or regulatory inquiries underway to make banking better for customers,” she said.
There are currently 144 authorised deposit-taking institutions operating in Australia, over half of which are banks, including retail, investment and mutual banks. The other half are predominantly credit unions and building societies.
Canstar data shows there are 91 institutions offering almost 3,500 housing loans, 1,300 deposit accounts, 196 credit cards, and 185 business lending options.
“The banking industry pledges its full support and assistance to the Productivity Commission review,” Ms Bligh said.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
The ABA welcomes APRA’s proposals to make the internal ratings-based (IRB) accreditation process simpler and more transparent, giving mid-sized banks a competitive boost. ABA CEO Simon Birmingham said the changes would support competition and deliver better outcomes for customers. “This is a practical and sensible pro‑competition step from APRA,” Mr Birmingham said. “When fully implemented,… Read more »
E&OEInterview on Sky News with Cheng Lei Cheng Lei: Australian banks closed 155 branches over the last year, but the rate of closures has slowed. For the implications, let’s bring in Australian Banking Association Chief Executive and former Liberal Minister Simon Birmingham. Mr Birmingham, welcome to the show – great to talk to you in… Read more »
Australian banks welcome the Federal Government’s release of an updated Regulatory Initiatives Grid, helping to ensure there is more transparency and coordination when new financial rules are introduced. The ABA particularly welcomes new principles that streamline coordination between regulators, reducing duplication and regulatory burden across the industry. ABA CEO Simon Birmingham said the Grid was… Read more »