fbpx
Skip to main content
New Financial Assistance Hub

Response to Productivity Commission final report

3 August 2018

Australian banks welcome competition and compete not only through price, but through constant innovations to product features and experiences. Banks are constantly working to ensure customer satisfaction and the availability of quality products.

The Productivity Commission’s report highlights that competition among financial providers is increasing, noting the presence of new market entrants, the positive impact of mortgage broking and the improvement of technology.

Mortgage lending products are highly competitive, with 141 authorised financial providers (ADIs) offering products to suit varied consumer needs. Banks also offer Australian households innovative features and services at competitive prices.

That competition has seen one in five of us switch accounts over the past year.

The ABA believes strongly that competition will improve further with the introduction of Open Banking, Comprehensive Credit Reporting and regulatory reforms to further reduce barriers to new entrants.

In addition, the new ASIC approved Banking Code of Practice has specific requirements regarding transparency and providing information to consumers to help them be better informed.

The Australian Banking Association and its members look forward to considering the Productivity Commission’s report and findings in full.

ENDS
Contact: Kelly Stevens 0475 741 007

Latest news

1 / 3
Media Releases
Joint Statement: Agreement reached with Armaguard
24 June 2024

The ABA, major banks and major retailers have reached an agreement with Armaguard for its Cash-in-Transit business.  

Read more
Transcript
Anna Bligh doorstop on Government response to mortgage and deposits reforms
15 June 2024

Journalist: The question I have is, are these regulations actually necessary, because my understanding is that a lot of banks already disclose this information?  Anna Bligh: These changes will mean more consistency for customers. Many banks are already doing a number of these things to make it easier for customers to get information. If these… Read more »

Read more
Media Releases
Older Australians reminded to stay financially safe this World Elder Abuse Awareness Day
15 June 2024

With it being World Elder Abuse Awareness Day, the Australian Banking Association (ABA) is reminding older Australians about how they can better protect themselves from scams, fraud and financial abuse.

Read more