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Chapter 5 - Competition in the banking industry - winners and losers

aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and...
In considering the merger proposal of Westpac and the Bank of Melbourne and the proposed merger of the Commonwealth and the Colonial, the ACCC was concerned about competition for transaction accounts, deposit products and small and medium-enterprise banking.

Report: Competition within the Australian banking sector

aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Completed...
Competition is the cornerstone of efficiency and productivity in any market. It promotes fair prices, enhances living standards and ensures that scarce resources are allocated to their highest value uses.1.

Issues in Competition in Retail Banking - Parliament of Australia

aphref.aph.gov.au/house/committee/economics/banking08/subs/sub02.pdf
There are actions that the Federal government can take to enable consumer choice to be exercised and to promote competition.

ParlInfo - STANDING COMMITTEE ON ECONOMICS : 21/08/2008 : Competition ...

parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22committees%2Fcommrep%2F11145%2F0006%22
Prof. Gans —As we look upon what has transpired over the last six months, there are two competing views out there regarding the state of competition in our bank lending services.

Chapter 9 – Parliament of Australia

aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Completed...
In 2010, the Committee concluded that the best way forward is to increase competition within the existing commercial banks rather than pursue a development or rural bank or to convert Australia Post into a bank.

Appendix 3 – Require New Focus On Banking Competition

aph.gov.au/-/media/02_Parliamentary_Business/24_Committees/243_Reps...
3.1 The committee recommends that the Australian Competition and Consumer Commission, or the proposed Australian Council for Competition Policy, establish a small team to make recommendations to the Treasurer every six months to improve competition in the banking sector. 3.2 If the relevant body does not have any recommendations in a ...

Money Matters in the Bush: Inquiry into the Level of Banking and ...

aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and...
Chapter 2 - Bank branch closures in rural, regional and remote Australia : The trend in bank branch closures The influence of globalisation on the banking industry ... Competition and contestability in the banking industry Agribusiness Retail banking transactions in country Australia Conclusion : Chapter 6 - Access to banking services in ...

Treasury Laws Amendment (Financial Sector Regulation) Bill 2018

aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1819a/19bd029
The Productivity Commission (PC) released its inquiry report into Competition in the Australian Financial System on 29 June 2018. The report considered in detail the issues addressed by this Bill; namely the impact of ownership restrictions on competition and the ability of new entrants in the ADI market to enhance competition.

Committee Recommendations to Improve the Banking System

aph.gov.au/-/media/02_Parliamentary_Business/24_Committees/243_Reps...
Review the state of competition in the sector every three years, improve reporting of how regulators balance competition against their core objectives, identify barriers to cross-border provision of

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TOTAL RESULTS: 6

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  • Date
    15 Jun 2010 
    Chamber
    Senate 
    Status
    Not Proceeding 
    Sponsor
    BROWN, Sen Bob 
    Summary
    Amends the
    Banking Act 1959
    to: require banks to offer basic transaction accounts and to limit other fees to cost recovery; provide that transactions at a bank’s own-branded ATMs are free of charge; cap charges for the use of a bank’s ATMs by customers of another authorised deposit-taking institution (ADI); require ADIs to offer a fixed interest gap mortgage; cap mortgage exit fees at cost recovery; and require uniform identification of exit fees in advertising and mortgage contracts. 

    Bill | Explanatory Memorandum

  • Date
    15 Nov 2010 
    Chamber
    House of Representatives 
    Status
    Not Proceeding 
    Sponsor
    BANDT, Adam, MP 
    Summary
    Amends the
    Banking Act 1959
    to: require banks to offer basic transaction accounts and to limit other fees to cost recovery; provide that transactions at a bank’s own-branded ATMs are free of charge; cap charges for the use of a bank’s ATMs by customers of another authorised deposit-taking institution (ADI); require ADIs to offer fixed interest gap loans and mortgages; cap mortgage and loan exit fees at cost recovery; and require uniform identification of exit fees in advertising and in mortgage and loan contracts. 

    Bill | Explanatory Memorandum

  • Date
    30 Sep 2010 
    Chamber
    Senate 
    Status
    Not Proceeding 
    Sponsor
    BROWN, Sen Bob 
    Summary
    Amends the
    Banking Act 1959
    to: require banks to offer basic transaction accounts and to limit other fees to cost recovery; provide that transactions at a bank’s own-branded ATMs are free of charge; cap charges for the use of a bank’s ATMs by customers of another authorised deposit-taking institution (ADI); require ADIs to offer fixed interest gap loans and mortgages; cap mortgage and loan exit fees at cost recovery; and require uniform identification of exit fees in advertising and in mortgage and loan contracts. 

    Bill | Explanatory Memorandum

  • Date
    23 Feb 2011 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Corporations (Aboriginal and Torres Strait Islander) Act 2006
    and
    Corporations Act 2001
    in relation to: Australian Securities and Investments Commission approved (compulsory and voluntary) transfers of estate assets and liabilities; ‘compulsory’ transfers of business to a public trustee; ministerial approval for listing a trustee company; holding out as a licensed trustee company; the term ‘authorised trustee corporation’; common funds and registered schemes; arm’s length transactions; fee regulation; drawing down of fees from income or capital; and reasonable fees being charged for tax return preparation; and
    Payment Systems (Regulation) Act 1998
    to provide that anything done by a payment system participant when complying with an ATM access regime as determined by the Reserve Bank of Australia is exempt from Part IV of the
    Competition and Consumer Act 2010

    Bill | Explanatory Memorandum

  • Date
    10 Mar 2005 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Treasury 
    Summary
    Amends the
    Payment Systems (Regulation) Act 1998
    to provide for an exemption to ensure that financial institutions do not contravene competition provisions contained in Part IV of the
    Trade Practices Act 1974
    when complying with the Reserve Bank’s standards for credit card interchange fees. 

    Bill | Explanatory Memorandum

  • Date
    07 Oct 2020 
    Chamber
    House of Representatives 
    Status
    Act 
    Portfolio
    Infrastructure, Transport, Regional Development and Communications 
    Summary
    Introduced with the Bankruptcy (Estate Charges) Amendment (Norfolk Island) Bill 2020, the bill amends the:
    Norfolk Island Act 1979
    ,
    Christmas Island Act 1958
    and
    Cocos (Keeling) Islands Act 1955
    to ensure the effective operation of the laws of other states and territories which have been applied in these external territories;
    Norfolk Island Act 1979
    to: enable the Australian Government to enter into arrangements with any state or territory government to support state-type service delivery in Norfolk Island; and provide for the possible future conferral upon the courts of a state or territory jurisdiction in relation to Norfolk Island;
    Corporations Act 2001
    ,
    Australian Securities and Investments Commission Act 2001
    ,
    National Credit Protection Act 2009
    ,
    Competition and Consumer Act 2010
    and
    Cross-Border Insolvency Act 2008
    to extend the application of the Acts to the external territories;
    ASIC Supervisory Cost Recovery Levy Act 2017
    and
    ASIC Supervisory Cost Recovery Levy (Collection) Act 2017
    to remove outdated references to the 'Crown in right of Norfolk Island';
    Bankruptcy Act 1966
    to enable the Australian Financial Security Authority to provide bankruptcy and personal property security services to Norfolk Island;
    Freedom of Information Act 1982
    to clarify its application to bodies established under a law in force in Norfolk Island;
    Privacy Act 1988
    to: clarify its application to statutory bodies in the external territories; and clarify the application of the Australian Privacy Principles to state and territory laws which have been applied in the external territories and the Jervis Bay Territory;
    Administrative Decisions (Judicial Review) Act 1977
    to: extend its coverage to decisions made by Commonwealth officials under applied laws in the external territories and the Jervis Bay Territory; and extend the right to judicial review to decisions made under laws made by the former Norfolk Island Legislative Assembly and continued pre-self-government ordinances;
    Criminal Code Act 1995
    to update the definition of 'Commonwealth public official' to include people exercising powers or functions under a law in force in Norfolk Island;
    Broadcasting Services Act 1992
    to enable the Australian Communications and Media Authority to issues licences and undertake future broadcasting planning in Norfolk Island;
    Copyright Act 1968
    to ensure Norfolk Island is treated as a territory instead of a state for the purposes of the Act; and
    Education Services for Overseas Students Act 2000
    to extend the application of the Act to Norfolk Island. Also makes consequential amendments to eight Acts. 

    Bill | Explanatory Memorandum

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