Today the Productivity Commission released their final report into competition in the Australian Financial System, and yes, we are not happy with it at all.
Firstly, it is important to note the Productivity Commission (as the Royal Commission) can only make recommendations to government, the decision is with the Federal Minister whom I have been in contact with her office this morning and of course will continue close dialog on this matter with government and the Opposition.
For now and as we read the ‘headlines’ of this report, there are many things that simply show the Productivity Commission has chosen not to accept facts and would rather make comments that simply are not correct.
We will ensure these matters are corrected and clearly and firmly positioned with the Federal Minister as well as several other key Senior Ministers in the government and the Opposition in our response paper to this report, which we are working on as we speak.
Thank you to all those who have called me and emailed me with your concerns and I am working through responding to all of you over the weekend. But I ask that we all take time to digest all this before we comment on specifics or start making any public statements. This time will shortly come however.
I will come back to you shortly with our formal media release on this, plus I will keep you up to date as we go through the steps in responding formally to government on this report.