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Australia to Hold Inquiry into Country's Financial System

  • As per reports, Australia is going to hold an inquiry into the big four banks following a series of scandals and public allegations against the banks for abusing market power.

    This inquiry is part of government measures which have been aiming at alleviating public concerns about the power of the big banks.

    The four banks control 80% of lending market in Australia.

    The inquiry is going to focus on the degree of concentration in important sections of the financial system, study barriers to innovation in the system and also consider competition in personal deposits as well as mortgages for households and even the small businesses.

    The inquiry will be commenced by the Productivity Commission on July 1 and the final report is expected to be presented to the government within 12 months from the date.