Aussie banks need prosecuting for misuse of power – lobby group
Misuse of market power is being levelled at the big four Australian-owned banks by lobby group Banking Reform Coalition. It wants the Commerce Commission to prosecute.
It is framing the banking sector’s record profits of $7.22 billion during last year’s recession as illegal and an abuse of market power at the expense of smaller New Zealand competitors, whose profits dropped on just about every metric.
Coalition head Kent Duston says It is not about the ComCom doing another market study, it is about enforcement of the Commerce Act.
“This is about the regulator taking action to fix the problems and the exploitative behaviour. It is well overdue, particularly when the Australian-owned banks control more than 90% of the mortgage market.”
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