Critics of the banking sector say the strongly worded Commerce Commission report should push the government into forcing open banking and increased competition.
It has released an interim report on its market study into personal banking services which says there is a two tier market where the big four Australian-owned banks have the major share, and smaller operators cant threaten that dominance.
The commission says the sector lacks disruptive forces to drive change and deliver benefits to consumers. Labour's spokesperson for Commerce and Consumer Affairs is Arena Williams.
Williams spoke with Charlotte.
