Submission: Inquiry into the post-GFC banking sector
Rather than responding to each point of the Committee’s terms of reference, this submission makes the following brief points:
- that the development of an independent measure of the cost of bank funding (including offshore wholesale funding, and deposits), regularly reported by a reputable source, may help resolve consumer frustration about home loan pricing; and
- that consumer search and switch costs have a considerable impact on competition, and that there are a number of limitations in the Government’s proposed account switching package which should be reconsidered during the package’s post-implementation review.
To read our submission, click here: Inquiry into the post-GFC banking sector.