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ISCOVER
Staff Reporter
The opposition’s decision to introduce a bill that would effectively stop price signalling between the majors has been labeled “ludicrous” by NAB chief executive Cameron Clyne.
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Earlier this week, competition spokesman Bruce Billson introduced a private member’s bill into parliament that would enable the Australian Competition and Consumer Commission (ACCC) to investigate and prosecute anti-competitive price signalling.
However, NAB’s Camron Clyne said any price signalling reform was a ludicrous suggestion as the majors need to be transparent and accountable for their decisions.
Speaking in Sydney on the need for banks to address reputational issues, Mr Clyne said the sector had a responsibility to explain pricing decisions.
His comments were supported by Treasurer Wayne Swan who said any bill to stop price signalling would simply create uncertainty because the opposition had not worked alongside regulators in creating the draft bill.
"It's a thought bubble - they've decided they want to play with the Australian banking system. Nothing could be more precious, nothing could be more valuable than stability in the financial system,” Mr Swan told Parliament.
