Revolut’s recent Australian launch marks the first neobank taking on the local market, with several others waiting in the wings.
Despite a willingness to consider using neobanks, particularly among younger consumers, we expect market share growth to be relatively slow as a result of low churn, a lack of trust and strong offerings from the incumbents.
On 4th December 2017, the then Treasurer, Scott Morrison directed the ACCC to conduct an inquiry into digital platforms such as Facebook and Google. The inquiry was tasked with looking into the impact of digital search engines, social media platforms and other digital content aggregation platforms have on competition on the media and advertising industry. In particular the inquiry will look into the impact of digital platforms on the supply of news and journalistic content and the implications for content creators, advertisers, consumers and media owners. On 11th December 2018, the ACCC released its preliminary report on the inquiry. Following a consultation process, the ACCC unveiled its final report on 26th July 2019. The 600-page detailed report contains 23 key recommendations that cover competition law, consumer protection rights, media regulation and privacy law and take into account a range of issues resulting from the growth of digital platforms.
In this report, we outline some of the key highlights and recommendations from the ACCC’s final report and provide our take on the same.