Is the Australian banking system really competitive?

The Reserve Bank of Australia’s Assistant Governor Guy Debelle stated this week that there was enough competition in the Australian mortgage market to limit profit taking by the major banks despite increases in margins for personal and business loans. It was an interesting comment given that the financial sector today only has four primary players with St George having been swallowed up by Westpac and Bank West being acquired by Commonwealth Bank.  Also, many of the mortgage brokers and smaller lenders have either been absorbed into larger entities or gone out of business with the recent economic woes.

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Is the Australian banking system really competitive?

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