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ECONOMICS REFERENCES COMMITTEE—REFERENCE

Senator Xenophon, also on behalf of Senators Bushby and Williams, pursuant to notice of motion not objected to as a formal motion, moved business of the Senate notice of motion no. 2—That the following matter be referred to the Economics References Committee for inquiry and report by 31 March 2011:

Competition within the Australian banking sector, including:

 (a) the current level of competition between bank and non-bank providers;

 (b) the products available and fees and charges payable on those products;

 (c) how competition impacts on unfair terms that may be included in contracts;

 (d) the likely drivers of future change and innovation in the banking and non-banking sectors;

 (e) the ease of moving between providers of banking services;

 (f) the impact of the large banks being considered `too big to fail' on profitability and competition;

 (g) regulation that has the impact of restricting or hindering competition within the banking sector, particularly regulation imposed during the global financial crisis;

 (h) opportunities for, and obstacles to, the creation of new banking services and the entry of new banking service providers;

 (i) assessment of claims by banks of cost of capital;

 (j) any other policies, practices and strategies that may enhance competition in banking, including legislative change;

 (k) comparisons with relevant international jurisdictions;

 (l) the role and impact of past inquiries into the banking sector in promoting reform; and

 (m) any other related matter.

Question put and passed.