Budget to increase banks competition

Tuesday night's federal budget will include measures to improve competition between Australia's banks, Treasurer Scott Morrison says.

New measures to encourage competition between the nation's banks will be announced in the budget. Source: AAP

New measures to encourage competition between the nation's banks will be announced in Tuesday's budget.

The changes are expected to include a Productivity Commission review, with customers to reportedly have access to their banking data to better shop around.

"It is important ... that we understand what are the barriers and what are the things preventing customers getting a better deal," Treasurer Scott Morrison told the Australian Financial Review on Monday.