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Commission submits competition report to Government

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The Productivity Commission has handed its final report on competition in the financial system to the Federal Government, with add-on insurance, lenders’ mortgage cover and state-based taxes expected to feature.

The commission’s findings are expected to be tabled in Parliament some time this month.

The legislation governing the commission requires its reports to be tabled in each House of the Parliament within 25 days of them being received.

The draft report in February singled out add-on insurance products and lenders’ mortgage insurance as areas in need of further review, and also called for the phasing-out of state and territory taxes on insurance.

It also said the proliferation of brands in some insurance classes masks the market dominance of a few providers.