Westpac Accused of Rate Fixing

The transcript discusses allegations against Westpac for manipulating bank swap bill rates between 2010 and 2012. Westpac is accused of attempting to influence rates to maximize profits, with evidence including phone call transcripts. Westpac denies these claims and plans to defend itself. ANZ is also implicated in similar activities. The transcript explains that regulatory changes in 2013 altered how rates are set, moving away from a panel-based system to one using interbank trading platform data, following the Libor scandal in the UK.

What changes occurred in 2013 regarding how the bill rate is set in Australia?

What was the reason for the change in the way the bill rate was set in Australia?