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‘They do act together’: ACCC boss says competition lacking from banking industry

The ACCC Chairman Rod Sims stands by his view about the lack of competition among the major banks.

In the past, Mr Sims has said the banks’ activities resembled “synchronised swimming” when it comes to competition.

He tells Ross Greenwood competition is missing in the financial sector.

“They do act together, there are four big banks that have very similar business systems, very similar approaches built up over a long time.

“It’s clear in watching their behaviour that it’s not in their interest to lower prices, to win more customers, because they know that if they do that their competition will do the same thing.

“So there’s virtually no price competition.”

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