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 Inquiry has now concluded. The final report was provided to the Treasurer on 1 December 2023 and published on 15 December 2023.
Scope of inquiry
The inquiry looked 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 considered in the inquiry.
Media releases
Bank customers missing out on earning more interest from savings
ACCC seeks views on competition and consumer issues affecting Australian savers
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.