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Australia: ACCC chief Rod Sims warns banks against fee hikes

By  |  May 17, 2017

Banks will be forced to hand over sensitive internal documents on their interest rate decisions, including board papers, as the competition watchdog puts home loan pricing under the microscope.

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    Australian Competition and Consumer Commission chair Rod Sims said on Wednesday he expected the inquiry, announced in last week’s budget alongside the $6.2 billion bank tax, would change pricing behaviour in the mortgage market.

    With banks threatening to pass on the levy to their customers, the government has ordered the year-long inquiry into mortgage pricing as a way of pressuring the industry and lowering the chances of aggressive rate hikes in response to the tax.

    It is the latest in a string of inquiries touching on banking competition which have been triggered by political anger over the banks’ interest rate decisions.

    Full Content: The Australian

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