Project overview



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.

On 21 April 2023, the ACCC published an issues paper for the inquiry.

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.