Sean Turnell, a professor of economics at Macquarie University, says economic liberalisation has been slowed by the crony-capitalists and their strong hold on the economy. "I really worry that if we don't get liberalisation — and I just don't see it if we look at the players who are there, the biggest banks are all part of other conglomerates — they are unbelievably opaque," Turnell told AAP. "It's just really hard to see them as the 'change agents' that would get us into a more liberalised economy," he said.
Central bank deputy governor, Set Aung, says between five and 10 foreign banks will be issued with licences to open limited banking services from September.
Read more here: Business Spectator