The Reserve Bank says Australian consumers are benefiting from more aggressive competition between banks for deposits in the wake of the global financial crisis. During a speech in Melbourne, one of RBA's assistant governors, Malcolm Edey said competition before the GFC(Global financial crisis) was largely the function  of banks' lending businesses. Doctor Edey says there are now two sides of competition in the banking industry and that's a good thing for customers and the overall stability of the financial sector. 

 

Three software giants have acknowledged that Australian consumers are paying more for their products. Microsoft, Adobe and Apple have fronted  the parliamentary inquiry which is investigating software prices in Australia. Microsoft said they charged what markets in each country can bear. Apple blamed higher costs charged  by the entertainment industry for content destined for the Australia market. While the Adobe justified the higher prices, saying that Australian websites provided a customised retail experience.