Less competition in banking

National Australia Bank yesterday acknowledged to a senate committee hearing in Melbourne that banking consumers' choices had narrowed in the past year.
“I think it's fair to say that while there's still clear competition, the amount of choice available to consumers has decreased through the course of the global financial crisis," said Steven Munchenberg, NAB's group manager of government affairs and public policy.
Family First senator Steven Fielding wants banks to have to seek government approval before deciding not to cut interest rates in line with cuts by the RBA. The NAB argued against such a move.

Source: The Age