New financial system inquiry launched into banking

Treasurer Scott Morrison has launched another inquiry into the finance industry, this time regarding levels of competition in banking. The review is another phase in the Financial System Inquiry following a review of the major banks completed in March. Customer-owned banking organisations have welcomed the inquiry. 

The Productivity Commission is set to offer us insights and recommendations into how Australian consumers and small businesses can be better off by improving productivity and international competitiveness. 

The main areas to be examined were 'contestability and concentration' in key areas of the financial system. This is to include a closer look at vertical and horizontal integration, and competition in personal bank accounts and mortgages. 

The inquiry begins in July, with the report due in 2018.