Reports in the Sydney Morning Herald today show the Australian Competition and Consumer Commission is trying to move forward with an inquiry into competition in the banking sector.
Labor welcomes the ACCC looking into competition in the banking sector.
The fact that there are question marks over the Government’s level of support for this inquiry are concerning.
Clearly the Government hasn’t learned from voting against the Banking Royal Commission 26 times.
They have been embarrassed by Commissioner Hayne’s findings and are dragging their heels on implementing the recommendations which came out of the Royal Commission.
And now they’re set to make the same mistake again.
Australians are frustrated with the big banks and their ongoing refusal to pass rate cuts on to customers.
While the RBA has cut rates to a record low of 0.75 per cent, none of the major banks have passed on the full cut.
Real competition in the sector could change this picture and give everyday Australians a better deal.
In light of these reports, Labor is calling on Scott Morrison and Josh Frydenberg to support this fresh look at the big banks.
The ACCC needs to be able to conduct an independent inquiry into competition without political interference.
Australians want Josh Frydenberg to stop giving free kicks to the big banks.