Australia review to help smaller banks

A review of Australia's mortgage sector could help smaller banks grab a bigger share of the sector from the major four lenders, for whom mortgages account for 40 to 60 per cent of total loans.

"It is pleasing the inquiry has acknowledged the competitive gap enjoyed by the majors needs to be closed and would like to see action taken quickly to address this issue," Jon Sutton, acting CEO of Bank of Queensland, told Reuters.