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 has today released the findings of a strategic review undertaken by Accenture into the roll-out of Australia’s Consumer Data Right (CDR) regime. The CDR went live to customers of major banks in July 2020, and to customers of other banks in July 2021. Approaching 4 years since its launch, the ABA commissioned Accenture… Read more »
The Australian Banking Association welcomes ASIC’s approval of an updated Banking Code of Practice that will continue to drive better banking outcomes for customers. The updated Code strengthens consumer protections by providing customers with safeguards that are in addition to the law. ABA CEO Anna Bligh said this Code will provide an even higher… Read more »
Australia’s digital banking boom is continuing with payments by mobile wallets surging by 35 per cent in the last year alone, according to a new report released today by the Australian Banking Association. The 2024 ‘Bank On It’ Report shows that in the last year alone customers made $126 billion in payments with their mobile… Read more »