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Banks Oppose PC Commission Approach

Thursday 22 March 2018

News Summary

The Productivity Commission’s solution to improve competition in the financial services may be detrimental for the Australian economy, according to the banks.

Commonwealth Bank of Australia (CBA) said in their response that it was important that any new regulation to stimulate competition in the financial sector needs to take into consideration the full business cycle.

ANZ and CBA opposed the suggested to stop to  interchange fees and NAB even went as far as to say that they believed that the Australian financial system was competitive.