Treasurer Jim Chalmers asks ACCC to investigate banks’ deposit rates
Mr Frydenberg also asked the ACCC to investigate the pricing of residential mortgage products, and to examine obstacles thatThe pressure on the banks to do more to reward savers with higher interest rates this year comes amid tighter wholesale funding markets, spurring the possibility that banks may have to sting mortgage holders with bigger interest rate increases than those passed on by the RBA.
Putting more cash into the hands of depositors could also undermine the RBA’s inflation-tackling plan, while squeezing predominantly more recent buyers who already face negative equity after the sharp deterioration in housing markets.As the November Australian Prudential Regulatory Authority data showed slowing growth in mortgage lending, the banks are still competing fiercely to win a slimmer pool of market share.
Finspo chief executive Angus Gilfillan said the pressure on bank margins would continue to translate into a loyalty tax for customers, particularly with out-of-cycle rate rises now a possibility for existing customers.
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