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We need more banks says competition commission

23/01/2012

The Australian Competition and Consumer Commission has voiced a wish for more competition from foreign banks, and suggested the present market structure is too “cosy”.

ACCC chair Rod Sims encouraged foreign banks to open in Australia. “I think the four of them [the major banks] feel they are protected from others entering the market and that makes for arrangements that are too cosy for consumers,” Sims said.

“If we can see any behaviour by the banks that is preventing competition, any misuse of market power or any collusive agreements, we will move,” he said.

Source: Sunday Telegraph



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