Reported at www.themandarin.com.au: The NSW government is overhauling its banking procurement process to foster competition among major banks for state contracts, including all four domestic Big Banks and Citibank.

This change, initiated by the NSW Treasury, aims to enhance innovation, reduce transaction costs, and deliver significant savings for the state budget.

The new agreements, effective from April 1, 2025, will last five years with potential extensions and are expected to generate over $47 million in budget benefits.