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Calls for a broader "Wallis-style" review of Banking

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From The Age/Business 7/8/2012 - Call for a broader inquiry


Prudence best answer to calls for banking sector inquiry

After getting much of their wish-list in Treasurer Wayne Swan's sustainable banking package in late 2010, credit unions and building societies are looking for deeper reforms to the nation's banking market.


Calls for an examination of the financial system along the lines of the 1997 Wallis inquiry hit a crescendo two years ago when big banks were at the peak of their market strength. But the review was batted away by Canberra, so the question is, why the latest pleas for a review?


A report prepared by Deloitte Access Economics for the mutuals association, Abacus, calls for a full-scale inquiry into the banking system. The release of the report is designed to coincide with this week's public hearings as part of a separate Senate review of the post-GFC banking market.


Read the rest of the article in The Age.



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