Banking system reforms announced

The Treasurer has announced 3 areas of banking system reform designed to firstly assist consumers, secondly assist smaller lenders and thirdly to secure the financial system.

The reforms are set out in the Competitive and Sustainable Banking System Reform Package.

Consumer-focussed reforms
The Government will:

Smaller lender reforms:
The Government will:

Financial system safety:
The Government will:

Timetable
December 2010:
consultation on exposure draft price signalling legislation, mortgage key facts sheet and Government Protected Deposits symbol

January 2011

  • account number portability review
  • exposure draft credit card reform legislation
  • draft exit fees legislation
  • Treasury report on trading in commonwealth government securities
  • Treasury report on corporate bond regulation reforms

February 2011

  • ATM taskforce
  • report on issues affecting Australian indigenous and other remote communities

March 2011

  • Exposure draft mortgage facts sheet legislation
  • Exposure draft covered bonds legislation
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