Finance riddled with rent seekers

Original article by Adam Creighton
The Australian – Page: 2 : 7-Nov-18

Productivity Commission chairman Michael Brennan says much of the Australian banking and wealth management industry’s revenue can be attributed to excessive fees that are a result of limited competition. Financial services is now the biggest sector of the domestic economy; it accounts for nearly nine per cent of economic output, compared with around four per cent in the early 1980s. Meanwhile, Brennan says that health and education reforms will be essential in lifting the nation’s productivity rate.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BANKING ASSOCIATION

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