Australia's four biggest banks have responded to criticism of the financial industry by investing AUD1bn ($754.6m) in a new system that allows real-time transfers and payments, as part of wider reports. The Commonwealth Bank of Australia, Westpac Banking, National Australia Bank and Australia and New Zealand Banking Group control 80 percent of lending in the country, but there have been calls for "a genuinely independent review of competition", following "misleading financial advice, insurance fraud and alleged interest-rate rigging". Other measures being taken by the banks include making it easier for customer to move bank accounts, and providing financial literacy resources for small business and farmers.
Australia's four biggest banks have responded to criticism of the financial industry by investing AUD1bn ($754.6m) in a new system that allows real-time transfers and payments, as part of wider reports. The Commonwealth Bank of Australia, Westpac Banking, National Australia Bank and Australia and New Zealand Banking Group control 80% of lending in the country, but there have been calls for "a genuinely independent review of competition", following "misleading financial advice, insurance fraud and alleged interest-rate rigging". Other measures being taken by the banks include making it easier for customer to move bank accounts, and providing financial literacy resources for small business and farmers.