Coronavirus (COVID-19) updates from the Australian Government

Competitive and Sustainable Banking System

False

The Australian Government's banking reform package was announced on 12 December 2010 and is aimed at:

  • empowering consumers to get a better deal;
  • positioning smaller lenders as safe and competitive alternatives to the big banks; and
  • securing the long-term safety and sustainability of the financial system so it can continue to provide reasonably-priced credit to Australian households and small businesses.

The Government has already implemented some of the reforms.