HomeMedia & ResourcesMedia ReleasesCOBA welcomes Labor announcement of a Competition & Growth Taskforce

COBA welcomes Labor announcement of a Competition & Growth Taskforce

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The Customer Owned Banking Association has welcomed Labor’s announcement that it would establish a Competition & Growth Taskforce. The announcement is a positive move toward improving competition in the banking sector and accommodating the customer owned model.

Labor is promising to create a Competition and Growth Taskforce within Treasury whose job will include guiding reforms for mutual companies.

First on the Taskforce’s agenda will be implementing recommendations of the Senate Mutuals Inquiry which include reforms to ensure that the mutual sector is considered when Regulatory Impact Statements are prepared for new regulatory policies.

The Taskforce will also look at the role of different business structures in promoting competition in concentrated markets.

These are initiatives promoted in COBA’s ‘Competition Agenda’ which was released prior to the Federal Election.

Customer Owned Banking Association CEO Michael Lawrence welcomed the announcement, stating it would be consumers who ultimately win through improved competition and a more diverse market place.

“Greater competition leads to greater customer outcomes. Improving competition in the banking sector will make the ‘Big Four’ banks think twice about putting customers’ interests last.

“This Taskforce could deliver much needed energy and focus to ensuring that the customer owned model is accommodated in the Australian market place.

“COBA and its members would welcome the opportunity to help create a regulatory environment that adopts proportionate regulation and delivers greater competition.

“COBA released its framework for a more competitive banking sector in April in its ‘Competition Agenda’. We’re pleased to see that Labor has considered our input and reflected it in this announcement.

“Our sector has seen strong bi-partisan support for improving competition in the banking sector. Today’s announcement is a further sign that competition and proportionate regulation are priorities for Australia’s politicians.”

The PDF version can be found here.

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