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
Anna Bligh: This new framework is a comprehensive approach to the terrible scourge of scams. This will mean that every single part of the scam chain where scammers try to take the hard earned money of Australians will now have to play a role in preventing scams, detecting them and keeping Australians safe. Journalist: I… Read more »
Banks welcome the release of draft legislation to establish a new Scam Prevention Framework to better protect consumers and drive scammers out of Australia. ABA CEO Anna Bligh said winning the war against scammers will only be possible through a collective effort across the entire scams chain, including from government, banks, telcos and social media… Read more »
Craig Reucassel (Host): It’s also there was a bit of an inquiry into banking in parliament last week, NAB boss Andrew Irvine complained that he’d paid a 10 per cent surcharge when he bought a cup of coffee in Sydney. Surcharging has been outlawed in parts of the United States, Canada, Europe and Britain. Is… Read more »