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The following article was published in our article directory on December 16, 2010.
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Australian Banking To Comprehensive Reform

Article Category: Business

Author Name: xia zihui

According to the Australian government recently announced a package of banking reform program, including support for the implementation of the Australian government intends to finance small and medium financial institutions, strict control behavior of bank interest rate adjustment and charges a comprehensive reform of the banking sector reflects the Government's commitment to increase competition and curb the excessive rise in financing costs intention.

After the introduction of reforms, including banking, political and consumer protection organizations around the reform of various parties, including the motivation, advantages and disadvantages and effects of issues such as a heated debate.

Since early November of this year, the Australian central bank announced its benchmark interest rate to 4.75% since the major banks have substantially increased lending rates, causing consumers and businesses complain of the high cost of financing, the government is facing tremendous pressure.

In response, some politicians said the government introduced the true intentions of the banking reform program is for their own rescue. Important member of the opposition Qiaohuo Ji said that the government reform program is now free in the political, rather than bank customers relief on mortgage loans.

Hockey's remarks to some extent justified. From the point of view the content of the reform program, while the Australian government tried to curb bank charges and interest rates, and strive to win hearts and minds; other hand, the reform plan for the first time to allow financial institutions to issue asset-backed bonds and mortgage-backed securities pledged to inject 40 billion market, Australian dollars, the financial institutions that support small business.

Nevertheless, the reform plan was the banking sector is still strong opposition. Some industry insiders pointed out that relative to the plan contained in the draconian laws, the "preferential" is almost negligible.

An important part of the reform plan the government intends to ban from next July to lift the mortgage bank's customer contracts impose fines, however, this fine Australian small financial institutions is an important source of income. Currently, the Australian financial institutions charge a small amount of these fines are about 10 times the big banks.

As head of a small financial institution, Bank of Queensland chief executive Daiweilidi expressed disappointment on the reform program. He believes that the reform plan does not address the concerns of small financial institutions, namely, "the overall cost of financing."

In addition, under the reform plan, the government will ban the inter-bank interest rates to adjust the behavior of the joint, and the behavior of bank fees and charges to implement more stringent review. In addition, the bank loans needed to provide a detailed list to the outside world and so on. The banking industry believes that these measures will inevitably increase the bank's operating costs.

According to the Australian Bankers Association predicts that once the implementation of reform measures, the bank may have to compensate by raising interest rates, etc. losses. This is the ultimate pocket of bank customers.

Focus on the banking reform program, for all the different interests of Australia, showing the split position. For some bankers, the reform plan may be too harsh; for consumers, reform is good news; in the eyes of some of the political opposition, the reform program is a hit, but does not ring a "dud."

A consumer rights group praised the reform plan, known as "the beginning of serious reform." Richard Lloyd, head of the organization said that if properly implemented relevant reform measures, the banking industry will bring significant changes in the hands of consumers will hold more power.

However, the Greens, Mr Adam Bant said the Government should impose restrictions on bank charges has long been the measure, the existing reform program is still "not go far enough." He believes that the government should completely abolish excessive bank charges, rather than just "monitoring" of the matter.

However, the reform program seems to have been approaching the tolerance limit of some bankers. A spokesman for ANZ said on December 12, the government introduced reforms in the former, not fully solicit the views of the banking industry. He even suggested that the banking reform program launched by the Government may with the previous mineral resource tax, as will cause serious political consequences.

This year in May, Australian Prime Minister Kevin Rudd when he decided to resources industry resources to implement up to 40% excess profits tax, was the industry's strong opposition, and eventually fuse to become his downfall.

Currently, the parties clash in the context of the collision point of view, the bank reform plan to successfully finish the legislative process and ultimately implement the fear is not easy.

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