Yesterday
Fintechs accuse banks of sabotage on ‘open banking’
The start-ups attacked the banks for trying to sabotage the consumer data right, arguing figures on low usage misrepresent growing interest in account switching.
- James Eyers
Senate to vote next month on extending data right for bank switching
Treasurer Jim Chalmers is working through banks’ concerns about the consumer data right, as the Senate forced a vote on a bill to extend it by mid-August.
- James Eyers and John Kehoe
- Exclusive
- Open banking
Banks spent $1.5b on account switching. No one is using it
The consumer data right, which has already cost banks $1.5 billion, is too complicated and doesn’t have a clear use four years after launch, major lenders say.
- James Eyers
- Analysis
- Open banking
They built it – but nobody came. Consumer data right needs help
Privately, bank bosses remain highly agitated about being more open about the valuable data they hold, the sharing of which could make competition more intense.
- James Eyers
- Opinion
- Open banking
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 AFR View
This Month
- Updated
- PEXA
NSW productivity agency queries whether PEXA plays with pricing
In a report, the NSW Productivity Commission says the Commonwealth Bank-backed fintech’s monopoly must be swiftly ended so it does not gain too much data.
- Updated
- Jemima Whyte
June
Mastercard’s call to save open banking
If Treasury can iron out the teething issues, the government’s consumer data right is ready for take off, according to a new report from the US payment giant.
- James Eyers
APRA objects to small bank claims on ‘same’ regulation
The Customer Owned Banking Association says its members are ‘regulated in the same way’ as listed banks. APRA says that is false ahead of a new inquiry.
- James Eyers
May
Kanye West, private equity and the Aussie firm caught in concert feud
In industries of excruciating insularity, one’s owners can end up being as much of a constraint as one’s competitors.
- Myriam Robin
US sues to break up Ticketmaster’s ‘suffocating’ monopoly
The antitrust lawsuit launched by the Justice Department alleges the group has used its dominance to exploit fans and performing artists and threatening its rivals.
- Leah Nylen and Emily Birnbaum
Why Bonza failed and what it means for airline competition
This week on The Fin podcast, aviation reporter Ayesha de Kretser on the dramatic downfall of Bonza and whether it’s possible for another airline to ever thrive in this market.
Four listed fintechs say they’ll be smashed by credit report rules
Plenti, MoneyMe, Harmoney and Wisr allege major banks are conspiring against them by restricting access to crucial credit file data they use to price loans.
- James Eyers
Transurban says drivers could pay more under NSW reforms
NSW’s proposed toll road reforms would hit some drivers with higher fares, create traffic congestion and would not necessarily be fairer, Transurban has claimed.
- Jenny Wiggins
- Exclusive
- Airports
Virgin Australia goes to war over airport ‘gold plating’
The airline’s chief financial officer, Race Strauss, says much of the $15 billion being spent by major airports on infrastructure is unnecessary.
- Jenny Wiggins
- Opinion
- Opinion
Consulting firm fixes are impractical and an overreach
More importantly, they are not necessary to correct a deficiency in the regulation of delinquent behaviour, says the former ACCC chairman.
- Graeme Samuel
Why TPG Telecom changed its mind on Optus
After the departure of former Optus boss Kelly Bayer Rosmarin, the rival telco groups decided to let “bygones be bygones”.
- Jenny Wiggins
April
- Opinion
- Chanticleer
How TPG and Optus went from enemies to frenemies
Just 14 months ago, TPG and Optus apparently hated each other’s guts. But their new regional mobile networking sharing deal shows commercial logic has prevailed.
- James Thomson
CBA dumps bonus limits to fight Macquarie on mortgages
The bank will dump bonus caps agreed in the shadow of the Hayne royal commission as it tries to stem market share losses to rival Macquarie.
- James Eyers
US ban on non-competes will likely ‘embolden’ Labor
A blanket ban on non-compete clauses in the United States is likely to embolden the Albanese government to go hard on regulating post-employment restraints in Australia, some legal experts have predicted.
- David Marin-Guzman
Forced supermarket break-ups ‘a dopey idea’
Former Productivity Commission chairman Peter Harris questions legality of such an arrangement, citing the clause in the Constitution that saved The Castle’s Darryl Kerrigan.
- Ronald Mizen