Guaranteeing the essentials
Protecting and boosting the essential services Australians rely on
A fairer banking deal
A more accountable and competitive banking system to deliver a better and fairer deal for consumers and businesses
A strong and resilient banking and financial system is critical to the strength of our economy.
While our banks are strong, there also needs to be greater competition, accountability and fairness in our banking and financial system to deliver a better and fairer deal for consumers and businesses.
The Government is pursuing this agenda through comprehensive reform.
Banks will be held more accountable through the introduction of serious sanctions for misconduct including for executives who fail to meet expectations.
The Government will also create a new framework for dispute resolution with a one stop shop – the Australian Financial Complaints Authority – to ensure that customers and small businesses have access to free, fast and binding dispute resolution. The Government will legislate to enhance internal dispute resolution by requiring financial firms to report on dispute resolution outcomes.
To drive competition in financial services, the Government will introduce an open banking regime, under which customers will have greater access to and control over their banking data. This will be a major change in the way Australians use and benefit from their data, and open the way for better services, more choice of providers and lower prices. Implementation will be informed by an independent review that will report by the end of 2017.
The Government will also task the Productivity Commission to commence a review on 1 July 2017 of the state of competition in the financial system. The ACCC will also be tasked to undertake regular in depth inquiries into specific financial system competition issues using a new, dedicated financial system unit.
To drive the innovation and efficiency that will deliver better and more competitive financial services, the Government is also taking further action to establish Australia as a leading global financial technology (FinTech) hub by introducing a world-leading regulatory sandbox.
