Small banks ask govt to invest $3m in reforms

The Customer Owned Banking Association has called for funding to be allocated in the May federal Budget to implement recommendations from the Financial System Inquiry.

COBA chief executive Mark Degotardi said the Murray Report is a “landmark” report and its recommendations should be implemented without delay.

“Australian consumers will be the losers if this report is left to gather dust,” he said.

“Six million dollars has already been committed to the FSI, so it’s vital this investment is not wasted.

“Our pre-Budget submission charts a course to turn to the Murray Report’s recommendations into action.”

COBA has called on the federal government to respond to the Murray Report by May and invest up to $3 million to implement the recommendations.

COBA’s pre-Budget submission has also called for establishment of a business advisory forum to ensure stakeholders continue to be a part of the FSI implementation process.

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