Nick Xenophon (SA, Independent) Share this | Link to this | Hansard source

I seek leave to amend business of the Senate notice of motion No. 2 standing in my name and the name of Senator Bushby by adding Senator Williams as one of the movers of the motion.

Leave granted.

I, and also on behalf of Senator Bushby and Senator Williams, move:

That the following matter be referred to the Economics References Committee for inquiry and report by 31 March 2011:

Competition within the Australian banking sector, including:

(a)

the current level of competition between bank and non-bank providers;

(b)

the products available and fees and charges payable on those products;

(c)

how competition impacts on unfair terms that may be included in contracts;

(d)

the likely drivers of future change and innovation in the banking and non-banking sectors;

(e)

the ease of moving between providers of banking services;

(f)

the impact of the large banks being considered ‘too big to fail’ on profitability and competition;

(g)

regulation that has the impact of restricting or hindering competition within the banking sector, particularly regulation imposed during the global financial crisis;

(h)

opportunities for, and obstacles to, the creation of new banking services and the entry of new banking service providers;

(i)

assessment of claims by banks of cost of capital;

(j)

any other policies, practices and strategies that may enhance competition in banking, including legislative change;

(k)

comparisons with relevant international jurisdictions;

(l)

the role and impact of past inquiries into the banking sector in promoting reform; and

(m)

any other related matter.

Question agreed to.