Opinion
The banking oligopoly feels ‘safe’, but it’s bad for customers
Today, the major banks secure more than nine out of ten mortgages taken out by Australian homebuyers. The dominance has become more entrenched in the past five years, eroding competition in the sector.
Greg MedcraftDuring times of international economic volatility, the strength of our banking system instils confidence across the wider Australian economy.
The financial sector contagion that recently absorbed Silicon Valley Bank and Credit Suisse provided a fresh reminder for governments, companies, small businesses and households in Australia about the value of resilience embedded across our major banks.
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