Treasurer Josh Frydenberg has asked the competition watchdog to investigate the banking sector over its refusal to pass on interest rate cuts to customers in full.The ACCC will examine how banks make pricing decisions and look at the differences in prices paid by new and existing customers
He has asked the Australian Competition and Consumer Commission to look into the pricing of residential mortgage products and any obstacles customers face in switching banks. Mr Frydenberg said customers are"sick and tired of the merry dance" as the banks have neglected to pass on the rate in full despite consistent calls from the Government and the RBA."We need the ACCC to use its particular powers to compel documentation to lift the hood and get to the bottom of this issue."
Who cares. The same thing happens over and over. Why wait for a government to do something that you have the power to change? I'm earning 8.2% w/ CelsiusNetwork. dontbeasheep DeFi
Really. Why.. literally why when most of their funds don't come from the RBA any more.
ACCC can investigate as much as they like.......Keating sold the farm when his union labor government deregulated banking. You can't have it both ways.
nothing will change...
You heard him Banks, prepare for the wet lettuce flogging of a lifetime.
Don't forget the savers (i'm not a retiree!) i work hard, make sacrifices & deprive myself of things, just so i can save some money. Now i'm being punished for it. The only thing growing is my anger & hatred of RBAInfo & CommBank auspol
Wow, if the average ozzie refused to follow new laws imposed its fines/jail time, these jokers get their mates a job for another 6 mths, fime them their profits and use the money for the benefit of the country, if you know what that means, potical donations waht can't money buy
Drivel !
What a joke and waste of money! This is a government letting the economy slide into recession and looking for distractions. The ACCC will do NOTHING!
You just had a Royal Commission! You have everything you need to take action. This is just a delay tactic and shifting the blame onto the ACCC for their own inaction. auspol
ACCC can not do anything.......Labor's Keating deregulated the banking sector.........Federal labor sold the farm.
Yeah righto Josh. The boot quaking from the banks has registered on the seismic scale. Oh sorry, it was the laughing and knee slapping that did it.
Hahaha. So the ACCC who oversaw decades of big bank rorts is now going to hold them to account, and the LNP who opposed a RC into bank behaviour, is now telling us they’ll challnege them. Oh please. All the while the ABC does nothing with the panama papers! So much BS.
This headline would be better titled: JoshFrydenberg to slap down Banks with a wet lettuce leaf auspol
Wet lettuce
Can josh explain how much more the banks are giving to the aust govt through levies and fines?
If the treasurer is serious about borrowers changing home loans from the big banks he needs to immediately ban banks charging ‘clawbacks’ of thousands of $$ to the borrowers broker as a punishment.
Let's say it costs each of the banks a few million to prepare for, attend and reply to the ACCC allegations. This will appear on their annual results. The costs will need to be mitigated by an increased revenue item delivered through higher interest rates to appease shareholders.
I tried to leave one of the major banks and refinance through a credit union. I couldn't get approved even though I have been paying for this property for 10 years without any issues.
Is he talking about credit card and personal loans interest rates, they affect more people and if they were brought down people might be able to save for housing deposits. Just saying ?
Im sure the banks are quaking in their boots over this one!
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