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
ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »
Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »
Former Federal Finance Minister and Senate Leader, The Hon. Simon Birmingham, will join the Australian Banking Association as Chief Executive Officer. ABA Chair and National Australia Bank CEO Andrew Irvine today announced Mr Birmingham’s appointment, replacing retiring CEO, The Hon. Anna Bligh AC. “We are delighted to have Simon lead our industry and help ensure… Read more »