Competition Law

Australian Competition Law and Policy Discussion

Swan announces Competitive and Sustainable Banking System Package

Posted by Julie Clarke on 12 December 2010

As promised, Deputy PM and Treasurer, Wayne Swan, has released the Government’s Competitive and Sustainable Banking System Package (see also Press Release, providing a dot-point summary of the proposals).

Most significantly for competition lawyers, it contains a proposal for price signalling laws.  The government has released an Exposure Draft ‘Competition and Consumer Amendment Bill (No 1) 2011‘ containing its price signalling proposal – submissions are due by 14 January 2011.

A summary of the Exposure Draft legislation and related information is available on my web site (it’s worth a look, if only for a laugh at the addition of some more bizarre numbering into the act – eg, ss 44ZZZ and 44ZZZA).  I will post separately some commentary on the content of the bill shortly.

In addition, the package will (as expected) ban exit fees outright on new home loans from 1 July 2011.  A raft of other measures are also proposed.

More to follow …

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