A six month long Senate inquiry into competition within the Australian banking sector has concluded with the release of the Committee’s final report and recommendations, including minority reports from the Government and Independent South Australian Senator Nick Xenophon.
The views of Australian finance workers were provided to the Inquiry via written submission and in person by FSU National Secretary Leon Carter who was called to provide evidence to the Inquiry.
The report contains 38 recommendations, 14 of which are already being progressed by the Federal Government.
Most media articles on the Committee’s final report have concentrated on a recommendation that the Government reverse the exit fee ban that enables customers to move their mortgage from one lender to another without being penalised by exorbitant exit fees. The Government have already signalled that they do not intend to reverse the ban, arguing that the ban is imperative to improve competition in banking.
