Budget 2017: Increased Scrutiny on Competition and Accountability in the Financial System
Treasurer Scott Morrison has announced that he has tasked the Productivity Commission to review the state of competition in Australia's financial system. The Federal Budget also included other measures focused on competition in the financial sector, including funding to establish a dedicated ACCC unit to undertake regular inquiries into specific financial system competition issues, an ACCC inquiry into residential mortgage pricing, and an open banking regime. The Government has also announced the introduction of a Banking Executive Accountability Regime. These measures follow a series of recent reviews and inquiries into the financial services industry. Partner Carolyn Oddie and Senior Associate Lisa Lucak report.