Australia's banks announce reforms amid consumer backlash

Sydney

AUSTRALIA'S biggest banks on Sunday announced a A$1 billion (S$1.08 billion) investment in a new system to allow real-time transfers and payments as part of reforms aimed at appeasing public dissatisfaction with the financial system.

The changes come amid calls from the opposition Labor Party for a judicial inquiry into the broader financial industry, which has been plagued by scandals involving misleading financi…