01.CHOICE submission to Senate inquiry
With CHOICE's Better Banking campaign well underway, we have made a submission to the Senate inquiry into Competition in the Australian Banking Sector stating where we think the current system falls short.
Consumers have been telling CHOICE they are frustrated they cannot compare different financial products, and that switching their bank account or mortgage provider is more work than it's worth. Our submission addresses these issues and also points to the sometimes disproportionately high fees that Australian consumers are paying.
CHOICE also makes recommendations on how to increase competition in the banking sector, including making account switching easier by introducing account portability, as well as addressing technical and institutional barriers to new entrants in the banking sector.
Read CHOICE's submission to the Senate inquiry.