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Pressure rising

Article Abstract:

Australian banks are already facing stiff competition but proposals for further deregulation will increase the pressure on them. The Wallis Report, which is expected to receive government endorsement in Sep 1997, proposes that credit unions and building societies should be able to take deposits, that insurance companies should be able to perform banking functions and that foreign companies should be able to take over domestic banks. The banks are undertaking a range of measures to increase their market share, but they are basically sound, and the reforms should produce consumer benefits.

Banking industry, Australia, Cover Story

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Sayings of Chairman Milton

Article Abstract:

Milton Friedman sees Asian economic success as real, despite the financial crisis that has hit the region. He previously warned against allowing bureaucrats to become involved in the economy, and sees individual enterprise as having contributed to economic growth. High savings, thrift and enterprise have helped Asia, he argues. He does not see a need for Asian central banks, which create problems when exchange rates are pegged. He points out that other regions have seen similar problems to those affecting Asia.

Economic aspects, Economic policy, Central banks, Asia, Friedman, Milton

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