Australia seeks more capital, competition for major banks

Sydney

AUSTRALIA on Tuesday accepted most key recommendations of a government-backed inquiry which called for more competition and stronger capital reserves for the country's four major banks as well as reforming the US$1.2 trillion superannuation system.

The review, chaired by former Commonwealth Bank of Australia head David Murray, last year called on Australia's major banks to raise additional capital to ensure that they become among the world's safest lenders.