The Reserve Bank of Australia and the competition regulator have endorsed the government's budget policies to boost banking competition including the regime that will force incumbent banks to provide data to customers to allow them to shop around for better deals.
In a submission to the Productivity Commission, the Reserve Bank said competition in banking is being restricted by bundling of products, particularly with cross-subsidisation "obscuring the pricing of individual products", which makes customers less willing to switch banks.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
