Competition in the Australian Financial System

In a speech on the first full day of the Commonwealth Games, the Chairman of the Australian Competition and Consumer Commission said that the behaviour of Australia’s major banks resembled synchronised swimming more than vigorous competition.
How can we be sure that banks, insurance companies and investment firms are competing strongly enough for our gold, silver and bronze? Or might too much competition risk the stability of the whole system?
The Productivity Commission is part way through a one-year project to examine the state of competition in the Australian financial system. This is one of a number of inquiries currently under way into different aspects of the financial sector. The Commission published a draft report in February and is now working on a final report to be delivered to the Treasurer by the beginning of July.
James Sergeant is an inquiry manager at the Productivity Commission and will lead us into the pool to show us what the Commission thinks is really going on underneath all the splashing.

James Sergeant read History and History of Art at St John’s. His career since then has focused on public policy management and financial services regulation, with one brief diversion back into the arts. James worked initially at the U.K. Cabinet Office, before taking an MBA at Imperial College, London and moving on to the Association of British Insurers and the Financial Services Authority. James emigrated to New Zealand in 2010 where he worked on regulatory policy and financial services at the New Zealand Treasury in Wellington. Since June 2017, James has been on loan to the Commonwealth Government’s Productivity Commission but will be returning to Wellington in June to take up a new role at the Reserve Bank of New Zealand. James was President of the Wellington Cambridge Society for three years before his move to Melbourne.

This will take place at the Savage Club at 12 noon for 12.30pm. The Club is at 12 Bank Place (off Collins Street) in the City. Cost is $55 including drinks. All guests are most welcome; the more the better. Would you please advise Peter Baines at lunches@cambridgesociety.org.au or on 9820 2334 by latest Monday noon, 26 March, if you will be coming (and dietary requirements). Those emailing their intention to attend should ring Peter to confirm if they receive no email confirmation from him within 24 hours of booking.