The Australian Government has asked the Productivity Commission to undertake an inquiry into competition in Australia’s financial system.
As stated in the terms of reference, this inquiry complements other work by the Commission, which will affect the financial system:
the recently completed inquiry into Data Availability and Use, and
the concurrent inquiry into the Competitiveness and Efficiency of the Superannuation System.
These inquiries add to the substantial number of reviews undertaken across government that have assessed competition and contestability in the financial system as a whole, as well as focused on specific parts of the system. These past inquiries and other policies and initiatives have led to the development and implementation of a broad range of potential reforms, and other actions that remain pending or still unaddressed. In undertaking this inquiry, the Commission will take stock of the existing reforms to assess what would constitute a coherent framework for the future operation of Australia’s financial system.
Initial submissions are due by Friday 15 September 2017.