The Australian Government had asked the Productivity Commission to undertake a 12-month inquiry into competition in Australia's financial system, known as the inquiry into Competition in the Australian Financial System.
The Commission is to review competition in Australia's financial system with a view to improving consumer outcomes, the productivity and international competitiveness of the financial system and economy more broadly, and supporting ongoing financial system innovation, while balancing financial stability objectives.
The Commission released a consultation paper in July 2017 and, following a review, released its draft report in February 2018.
The MFAA had some concern with a number of aspects contained in the Productivity Commission’s draft report which were outlined in a media release which can be viewed here.
The MFAA also made a comprehensive data based submission to the Productivity Commission which is recommended reading for members and can be viewed here.
The final inquiry report is expected to be handed to the Australian Government by 1 July 2018.
- Read the MFAA's initial response to the Productivity Commission's final report here.