The Treasurer has formally asked the ACCC to conduct an enquiry into retail savings worth $1.3 trillion as CBA says it generated record profits on the back of higher deposits. Read more:
Federal Treasurer Jim Chalmers has asked the competition regulator to investigate the banks’ timing in passing on higher interest rates to savers, as well as the way they treat new versus existing customers when it comes to interest on their deposits.
“Australians should see the benefit of higher interest rates flow through to their savings accounts – it should be the silver lining when rates increase,” Dr Chalmers said.“It’s a fact that banks have been a lot slower to pass on the increases in interest rates to savers than to mortgagees.” After the RBA’s most recent cash rate increase, banks moved to pass through higher interest rates to some savers at least a week faster than they handed higher rates to mortgage holders.
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