Your vote could have a major impact on your business, Shadow Minister for Financial Services and Superannuation, Mathias Cormann, tells Broker TV.
Increasing competition in the banking sector, for one, is a major concern for many in the financial services industry and Cormann says this is a key focus area for the Coalition.
“Joe Hockey has already released a nine-point plan on how to increase competition and there’s a whole range of initiatives there, but principally what we will do is hold a financial systems enquiry…which will very much focus on all of the policy areas that require increased competition in the banking sector.”
Cormann says the coalition party believes some of the changes the current government has made in the wake of the GFC have, if anything, led to a concentration in banking services.
“We certainly think there is some scope to revisit some of the things the government has done – but we will have more to say about that as we get closer to the election.”
To view the full interview with Mathias Cormann, click here