Competitive and Sustainable Banking Announcement
Competitive and Sustainable Banking
Broad reforms to build on the strength of our financial system
Stream One: Empower consumers to get a better deal
- Ban exit fees for new home loans
- Boost consumer flexibility to transfer deposits and mortgages
- Introduce mandatory key facts sheet for new home loan customers
- Empower ACCC to investigate and prosecute anti-competitive price signalling
- Fast-tracking legislation to get a better deal for Australians with credit cards
- Launch Bank on a Better Deal — community awareness and education campaign
- Establish taskforce with Reserve Bank to monitor and enhance ATM competition reforms
Stream Two: Support smaller lenders to compete with the big banks
- Build a new pillar in the banking system by supporting the mutual sector
- Confirm Financial Claims Scheme as a permanent feature of our financial system
- Introduce a third tranche of support for the RMBS market
- Accelerate development of bullet RMBS market for smaller lenders
Stream Three: Secure the long-term safety and sustainability of our financial system