The banking watchdog is aiming to increase competition with a new licensing regime that would reduce barriers for new entrants while maintaining adequate safeguards.
Treasurer Scott Morrison, commenting on a discussion paper released by the Australian Prudential Regulation Authority on Tuesday, said the proposed changes complemented the government's plan to enable all authorised deposit-taking institutions to call themselves a bank, rather than just those with capital greater than $50 million.
"A more competitive and innovative financial sector means more choice, lower prices and better service for Australian customers," Mr Morrison said in a statement.
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