SYDNEY—Australia’s government called for more banks to challenge the industry’s oligopoly on Aug. 3, after the country’s top economic adviser said the “Big Four” lenders’ market dominance has been detrimental to customers.
The remarks from Treasurer Scott Morrison demonstrate the increasingly strident tone the conservative government is taking with an industry it has traditionally supported, as a powerful public inquiry airs allegations of fraud, deception, and fee-gouging across the finance sector.
