This document records the Australia and New Zealand Banking Group's ("the ANZ") commitment to implementing the New Tax System changes in accordance with Part VB of the Trade Practices Act 1974 and the ACCC's Price Exploitation Guidelines.
The ANZ will ensure that:
- where there has been a net realised cost reduction as a result of the New Tax System, that such a reduction is passed onto consumers; and
- where there has been a net realised cost increase as a result of the New Tax System, that any price rise based on the cost change is no greater than the net increase in costs.
Final ACCC acknowledgment
Australia & New Zealand Banking Group Limited has completed it’s repricing associated with the New Tax System and has met the requirements of it’s Public Compliance Commitment agreement with the ACCC.