Following on from previous A Personal View, Australia Bank, many have requested information on how they can let the Government know their own thoughts on the current practices within the Australian Banking System.
I have sourced out the Terms of Reference for the Senate Economics Committee on Competition within the Australian Banking Sector. I have highlighted section that enables the re-establishment of the peoples bank, Australia Bank.
The email address to send submissions to the Senate Economics Committee on Competition within the Australian Banking Sector is economics.sen@aph.gov.au
IMPORTANT - Submissions close on the 30th of November so send an email to the Committee as soon as you can.
Please also consider forwarding this edition of A Personal View to your family, friends and colleagues so that we can get as many submissions to the Committee on the range of things that need 'fixing' in out current Banking system.
(a) the current level of competition between bank and non-bank providers;
(b) the products available and fees and charges payable on those products;
(c) how competition impacts on unfair terms that may be included in contracts;
(d) the likely drivers of future change and innovation in the banking and non-banking sectors;
(e) the ease of moving between providers of banking services;
(f) the impact of the large banks being considered ‘too big to fail’ on profitability and competition;
(g) regulation that has the impact of restricting or hindering competition within the banking sector, particularly regulation imposed during the global
financial crisis;
(h) opportunities for, and obstacles to, the creation of new banking services and the entry of new banking service providers; (i) assessment of claims by banks of cost of capital;
(j) any other policies, practices and strategies that may enhance competition in banking, including legislative change;
(k) comparisons with relevant international jurisdictions;
(l) the role and impact of past inquiries into the banking sector in promoting reform; and
(m) any other related matter
(b) the products available and fees and charges payable on those products;
(c) how competition impacts on unfair terms that may be included in contracts;
(d) the likely drivers of future change and innovation in the banking and non-banking sectors;
(e) the ease of moving between providers of banking services;
(f) the impact of the large banks being considered ‘too big to fail’ on profitability and competition;
(g) regulation that has the impact of restricting or hindering competition within the banking sector, particularly regulation imposed during the global
financial crisis;
(h) opportunities for, and obstacles to, the creation of new banking services and the entry of new banking service providers; (i) assessment of claims by banks of cost of capital;
(j) any other policies, practices and strategies that may enhance competition in banking, including legislative change;
(k) comparisons with relevant international jurisdictions;
(l) the role and impact of past inquiries into the banking sector in promoting reform; and
(m) any other related matter
This is my personal view.
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