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ISCOVER
Staff Reporter
The industry body that represents Australia’s credit unions and mutuals has called for an “independent, well-resourced and comprehensive inquiry” into the Australian financial system.
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The request comes just one day after the Senate Committee delivered its report on the post-GFC banking sector, arguing for a broad financial system inquiry for the first time in 15 years.
The report said an inquiry was its key recommendation.
An important question for the committee was whether the “impact of the crisis and the emphasis on stability weakened competition in the sector and limited the benefits that strong competition provides for consumers”.
"We welcome the report and certainly endorse the Senate Committee’s call for a much wider review like the Wallis Inquiry,” Abacus chief executive Louise Petschler said.
"Post-GFC, it makes sense to sit back and review how our system operates, so we can achieve the right balance between stability and competition and deliver greater consumer choice.
"As the report stated, there is now an opportunity to conduct a comprehensive examination of the banking sector and to debate what the post-crisis sector should look like and whether it is delivering what Australians want from it.
"We’ve pushed for a sensible inquiry into the system, so today’s recommendation from the Senate Committee makes the case for an urgent inquiry strongly and it’s now time to act.”
