Australia’s banks have made a last ditch effort to stop the government from introducing a ban on price signalling.
While Parliament continues to debate the validity of the ban, banks such as NAB have spoken of the negative implications the ban could have on the mortgage industry.
Speaking to The Sydney Morning Herald, NAB’s chief executive Cameron Clyne said the ban would threaten to stop banks from communicating with mortgage brokers because brokers could ''quite easily'' be seen as competitors to banks.
This would obviously have unintended negative consequences on the industry, Mr Clyne argued.
Last year, the Gillard government announced it would attempt to ban price signalling and stop banks tipping off their rivals about their pricing intentions in a bid to increase competition in the industry.