The AFR View
Open banking offers a salutary tale
The lesson is that governments trying to regulate their way to a greater bank competition can have anti-competitive effects.
The Consumer Data Right hardly anyone is using is a salutary tale as Treasurer Jim Chalmers seeks to help smaller banks compete against the big four.
First proposed by the Productivity Commission, a regulated regime that empowered customers to safely own and share their banking data and shop around for better deals on home loan and deposit rates sounds like an innovative digitally enabled way to help disrupt Australia’s banking oligopoly.
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