21 December 2010

Competitive and Sustainable Banking System – anti-competitive price signalling - Treasury

On 12 December the Treasurer, the Hon Wayne Swan, announced a package of measures relating to the banking system. One part of the package was changes to the Trade Practices Act 1974 that will empower the ACCC to investigate and prosecute anti-competitive price signalling in specific sectors. The details of the legislative changes are still being finalised, but the first sector that the provisions will apply to is the banking sector.

The Prime Minister granted an exemption from the need to prepare a Regulation Impact Statement (RIS) for initial consideration of this issue, but a RIS was prepared for the final decision.

The OBPR assessed the RIS as adequate.

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