Re: Rail unions support Glenbrook inquiry recommendation

["Dave Proctor" <daproc@spambait.ozemail.com.au>]

"Maurie Daly" <mauried@tpg.com.au> wrote in message
3a03d80b.43463955@can-news.tpg.com.au">news:3a03d80b.43463955@can-news.tpg.com.au...

> >It is actually the competition that has driven costs up.
> >
> >Dave
>
> There isnt any competition in the banking industry.

RAMS? Aussie Home Loans?

> Simply because there is more than 1 bank doesnt mean competition.

There are alternatives to the banks. The advent of mortgage brokers and
other lenders has meant that the banks can no longer subsidise savings
accounts from the profits made on loans - hence the reason why fees on
savings accounts have risen.

> Competition only exists when there isnt any restrictions on the entry
> of new players,which there currently is in the banking system,

Banking indistry, yes. Financial services industry, not as many, and there
ARE alternatives (wanders off to check credit union account, and sees no
fees for last three months).

> Its the same in the media / broadcasting industry where we have 3
> media propriaters and no more are allowed.
> The telecommunication system works as there are no more than 40
> carriers and anyone can enter the industry.

Not anyone - you need an ACA licence, so it is regulated as well.

Dave