lol thanks, I hope this summary of the AFR article (that I cant...

lol thanks, I hope this summary of the AFR article (that I cant post) is accurate* read at your own peril!

Regulatory Inaction: ARNECC, the regulator, declared it can't force PEXA to open its systems to Sympli, halting progress towards competition.

Monopoly Maintenance: PEXA, backed by Commonwealth Bank, is trying to maintain its monopoly in property settlement services.

Sympli's Struggle: Sympli, backed by ASX, is a competitor aiming to enter the property settlement market dominated by PEXA.

PEXA's Origins: PEXA evolved from state-owned property settlement services, now with a market cap of $2.4 billion, and major shareholders including CBA and Morgan Stanley Infrastructure.

Interoperability Issues: Despite efforts, PEXA has not shared necessary information with Sympli, and ARNECC admits it can't enforce this.

Banking Industry Complaints: The Australian Banking Association has pointed out that PEXA's refusal to share information hampers competition, leading to potential transaction failures.

Financial Stakes: Sympli has incurred significant losses, and ASX values its stake at $22.2 million, while competition in the sector remains unresolved.

Economic Impact: Lack of competition in property settlement costs home buyers an estimated $300 million annually.

Government Stalemate: Federal and state governments are in disagreement over who should enforce competition, with no decisive action taken.

Need for Competition: Experts argue that competition would benefit consumers, with concerns about PEXA's opaque pricing and potential overcharging in a monopolized market.