The opaque, discretionary pricing of residential mortgages by banks makes it difficult and time consuming for borrowers to shop around and stifles price competition, a report by the ACCC has found.
The ACCC’s Residential Mortgage Price Inquiry monitored the prices charged by the five banks affected by the government’s Major Bank Levy between 9 May 2017 and 30 June 2018.
Sending money overseas, and buying foreign cash, will be the focus of a new ACCC inquiry into foreign currency conversion services.
“Whether you’re buying Euros from your bank for an upcoming trip, sending money to family in Indonesia, or you’re a small business trading with suppliers in New Zealand, foreign exchange services are used by Australians every day,” ACCC Chair Rod Sims said.
On 9 May 2018, the Government responded to the Review into Open Banking.
On 26 November 2017, the Australian Government announced the introduction of a consumer data right in Australia. The consumer data right will improve consumers’ ability to compare and switch between products and services. It will also encourage competition between service providers, leading not only to better prices for customers but also more innovative products and services.