TAILIEUCHUNG - Inquiry into the Australian Banking Industry

While structuring financing packages for vital projects is among the most impor- tant roles the federal government plays in infrastructure investment, its activities extend well beyond this role and into research, issuing regulations, awarding grants, environmental protection, and even directly operating and maintaining locks, dams, bridges, and utilities throughout our country. To coordinate all of these activities and maximize the efficiency of federal infrastructure programs, we need a national infrastructure planning council. Such a council would unite the disparate federal initiatives currently attempting to individually tackle our national infrastructure crisis, thereby making the jobs of federal agencies easier and dra- matically improving. | SUBMISSION TO THE HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON FINANCE AND PUBLIC ADMINISTRATION Inquiry into the Australian Banking Industry RESERVE BANK OF AUSTRALIA January 1991 Reserve Bank of Australia TABLE OF CONTENTS A. INTRODUCTION 1 B. EVOLUTION OF THE BANKING SYSTEM 1 PRESSURES LEADING TO DEREGULATION 2 a The erosion of the regulated sector 2 b Problems with the implementation of monetary policy 2 c Inefficiencies in the allocation of credit 4 C. COMPETITION IN BANKING 4 THE RESULTS OF DEREGULATION 4 a Market share 5 b Interest rate volatility 5 c Availability of bank credit 5 d Competition and profitability 6 1 Concentration 6 2 Bank profitability 7 3 Banks interest rates 9 4 Range of services 11 5 Availability of information 11 e Entry to banking 11 f Increase in risk 13 D. PRUDENTIAL SUPERVISION 13 a Trade-offs in bank supervision 13 b The supervisory framework 14 c Protection of depositors 14 APPENDIX 1 CHANGES TO BANK REGULATIONS 15 APPENDIX 2 AUSTRALIAN BANKS - 1980 TO 1990 21 APPENDIX 3 FOREIGN BANK PARTICIPATION IN AUSTRALIAN 27 BANKING AND FINANCE DECEMBER 1990. Reserve Bank of Australia A. INTRODUCTION 1. The Reserve Bank s relationship with the Australian banking industry is necessarily very close given its direct responsibility for the prudential supervision of Australian banks and the protection of their depositors and more generally for the integrity of the payments system and overall stability of the financial system. 2. This submission focusses on three main areas i the evolution of the banking and financial system with particular reference to the changing environment occasioned by deregulation ii the nature and extent of competition in the banking sector and iii the trade-off between ensuring effective competition and wide choice on the one hand and maintaining prudential requirements appropriate for a stable financial system on the other. The Bank would be happy to elaborate on any aspects of this submission and to respond to any .

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