Banking reform review update

The House of Representatives Standing Committee on Economics has released the second report of its Review of the Four Major Banks.

The committee has confirmed that all ten Recommendations of its first report should be implemented. The committee is open to some modest variations to the first report Recommendations but affirms the substance of each of them.

The Committee also recommended that non-monetary default clauses be abolished for loans to small business as proposed by the Small Business Ombudsman.

The Committee concluded that if the banks do not voluntarily make this change by 1 July 2017 then the government should act to give effect to this Recommendation.

Separately, Ian McPhee has published his fourth report on the progress of the Australian banking industry in implementing its April 2016 package of initiatives.

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