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NAB chief Cameron Clyne has spoken out against the coalition's proposed measures to prevent price collusion among major banks, calling them ludicrous.
The coalition intends to introduce legislation into parliament next year seeking to stamp out anti-competitive behaviour between the big four banks, including cracking down on price signalling that leads to price collusion.
But in dismissing the suggestion, Clyne said measures to stop collusion would prove counter-productive, according to a report in SMH.com.au.
Instead he felt the industry needed to be accountable for the decisions it made, and it needed to be transparent.
''[This legislation] will keep consumers in the dark," he said.
Big Four dominate
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