Federal Government: An independent inquiry into banking
AUSTRALIA’S BANKING SYSTEM IS OUT OF BALANCE.
Since the Global Financial Crisis, competition in the banking sector has significantly decreased to the detriment of consumers.
Changes to Government regulations designed to promote consumer confidence during the GFC have benefitted the major banks at the expense of customer owned banking institutions such as credit unions, building societies and mutual banks.
The evidence is clear and there is now an imbalance in banking, which is bad for consumers, competition and choice.
In fact the choice is actually pretty clear – we need to get the balance right now or risk less competition and poor outcomes for everyday Australians in the future.