But the documents reveal concerns within the ACCC that it might be premature to conduct these interviews before the terms of the inquiry are set. Another risk listed in the notes is: “It may seem premature until the final scope of the inquiry is known.” Details of the inquiry first surfaced last month. The fresh review of competition in the banking industry will focus specifically on barriers to entry in retail banking in a sector dominated by the ”big four”: Commonwealth Bank, ANZ, Westpac and National Australia Bank. The proposed inquiry has already received a chilly reception from the big banks and their smaller counterparts after a slew of inquiries into the sector in recent years and the banking royal commission. The agenda items for Friday’s meeting show the ACCC is continuing to plan out its inquiry, noting the resistance in banking circles. ‘Inquiry fatigue’ The ACCC agenda items also raise concerns in the industry that the banks have already been subject to several reviews in recent years. “There have been media reports of inquiry fatigue from some banks. Consulting with them in advance of a direction may increase such fatigue, and some banks may be reluctant to engage before… Read full this story
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