The Financial System Inquiry will consider calls to open state and territory workers’ compensation and personal injury motor accident schemes to wider competition.

“Submissions argue some schemes operate like government monopolies and that consumer value could be improved by introducing competition from the private sector,” its interim report says. “The inquiry would welcome stakeholder views on the matter.”

Insurance Council of Australia CEO Rob Whelan says consumers and governments would benefit from more private sector competition. He says the council raised the matter in its submission to the Competition Policy Review last month.