Productivity Commission’s Inquiry into Competition in the Financial System
The Productivity Commission’s draft report on Competition in the Australian Financial System was released on 7 February 2018.
Read the overview and draft report
Consistent with recent press coverage, the report finds some notable failings in competitive behaviour in markets of home loans and SME finance. The unbalanced effect of regulation on competition is highlighted in the draft Report.
The Productivity Commission recommends that financial regulators collectively now place more emphasis on competition, after a sustained period of stability following the GFC, striking more of a balance between competition and financial stability.
The Productivity Commission held public hearings for this inquiry in Sydney on 28 February and 1 March, and in Melbourne on 5 and 6 March.
The final inquiry report was handed to the Australian Government on 29 June 2018. The release of the final report by the Government is the final step in the process. Under the Productivity Commission Act 1998, the Government is required to table the report in each House of the Parliament within 25 sitting days of receipt.
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