Are Australia's banks gouging consumers and if so what can be done about it?

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The government has asked the Australian Competition and Consumer Commission to investigate mortgage rates, in particular the failure of the big four banks to pass on the full benefit of the Reserve Bank’s three interest rate cuts of 0.25% each, which took the cash rate to the historic low of 0.75%. The treasurer, Josh Frydenberg, said on Monday that “we need information about the cost of the funds of the banks and ... why they’re not passing on these rate cuts in full”.

Read more: https://www.theguardian.com/australia-news/2019/oct/15/are-australias-banks-gouging-consumers-and-if-so-what-can-be-done-about-it

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