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.

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.