August 3, 2018. Treasurer Scott Morrison, in Sydney, speaks after the Productivity Commission on Friday released its long-awaited report into competition, finding the Australian banking sector is dominated by a handful of players. Mr Morrison says the penalties the government is imposing on bank misconduct “are as strong as anywhere else in the world” but customers need to make the banking system more competitive by claiming it back. He adds, “the open banking regime that we’re putting in place is that real change that we believe will deliver a competitiveness to the banking system in Australia that we have not seen in generations”. (AAP Video/Laura Polson)
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Friday, August 3, 2018
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