Banking reform debate returns to the spotlight

The debate surrounding the federal government's proposed package of major banking reforms is set to return to the spotlight this week.

Westpac chief executive Gail Kelly is tomorrow (January 21st) due to testify before the Senate Economics Reference Committee where commentators expect her to reveal her views on treasurer Wayne Swan's proposed reforms, International Business Times Australia reported.

According to the news source, industry insiders are expecting Ms Kelly to argue that Australia's banking industry is currently in a solid state and that customers have sufficient choice when it comes to finding better deals.

Among Mr Swan's reform initiatives is an aim to improve competition and help consumers looking to compare home loans and other products by bolstering the position of smaller lenders, credit unions and building societies.

The senate committee is due to wrap up its investigation next week after hearing testimony from the Australian Competition and Consumer Commission (ACCC).

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