On 9 May 2017 the Treasurer, the Hon Scott Morrison MP, directed the ACCC to conduct an inquiry into residential mortgage products.
As part of this inquiry, the ACCC can compel the banks affected by the Major Bank Levy to explain any changes or proposed changes to fees, charges, or interest rates in relation to residential mortgage products. The inquiry relates to prices charged until 30 June 2018.
This inquiry will be the first task of the ACCC's newly established Financial Services Unit, which received funding of $13.2m over four years from 2017-18 with an additional $1.2m in 2017-18 for this inquiry.
A report will be delivered to the Treasurer at the conclusion of the inquiry.