Today the Australian Competition and Consumer Commission (ACCC) has released its Inquiry into retail deposit products.
Increased interest on savings should be a silver lining from the higher mortgage rates Australians are now experiencing.
Just as we want Australians to get a good deal on their mortgages, we want savers to get the benefits of higher interest rates.
The ACCC makes seven recommendations aimed at improving outcomes for consumers and the operation of the retail deposits market in Australia.
These recommendations include continued monitoring of prices and market competition, increased transparency in pricing and customer outcomes, proactive notifications and prompts for consumers and steps to improve comparison of the different products on offer.
The ACCC received a total of 51 submissions from consumers, advocacy groups, industry associations, as well as market participants. I thank all those who participated for their engagement with the Inquiry.
We expect banks to treat their customers fairly when it comes to their savings accounts and I have asked Treasury to examine these proposals in conjunction with the outstanding recommendations of the 2020 ACCC Home Loan Price Inquiry. A Government response will be released in 2024.
The Albanese Government takes competition seriously, which is why we have commissioned a Competition Taskforce Advisory Panel and Competition Review to provide advice to Government on how our competition laws, policies and institutions can increase productivity, reduce the costs of living and boost wages across the economy.
I thank the ACCC for conducting this Inquiry.
The full report is available on the ACCC website.
