On 14 February 2023, the Treasurer directed the ACCC to conduct an inquiry into the market for retail deposit products supplied by authorised deposit-taking institutions. It includes how banks set interest rates, as well as other terms and conditions.
The ACCC must provide the Treasurer with a report on the inquiry by 1 December 2023.
Scope of inquiry
The inquiry will look at matters including, but not limited to:
- the rates of interest paid on amounts deposited or held in retail deposit products
- the terms and conditions for the supply of retail deposit products to consumers
- supplier strategies in relation to retail deposit products, including supplier approaches to setting interest rates on retail deposit products
- supplier decisions relating to terms and conditions on which retail deposit products are supplied in light of changes in the Reserve Bank of Australia’s target for the cash rate
- the nature and extent of price and non-price competition in the supply of retail deposit products
- the use of retail deposit products as a source of funding for suppliers’ provision of credit.
The Ministerial direction gives further details of the matters to be considered in the inquiry.
Timeline
Stages | Date |
---|---|
Ministerial direction | 14 February 2023 |
Final report | 1 December 2023 |
Media releases
ACCC launches inquiry into deposit interest rates
Enquiries
Enquiries can be made by email to fscompetition@accc.gov.au or you can contact the ACCC.