Notice of Inquiry into residential mortgage products
On 9 May 2017 the Treasurer, the Hon Scott Morrison MP, issued a notice requiring the Australian Competition and Consumer Commission (ACCC) to hold an Inquiry into prices charged or proposed to be charged by Authorised Deposit-taking Institutions affected by the Major Bank Levy in relation to the provision of residential mortgage products in the banking industry in Australia from 9 May 2017 until 30 June 2018. The Inquiry is pursuant to subsection 95H(1) of the Competition and Consumer Act 2010.
The Inquiry will examine residential mortgage products offered by Australia’s major banks.
In undertaking the Inquiry, the ACCC has been directed to have regard to the Government’s view that banks need to fully and transparently account for their decisions and how the banks balance the needs of borrowers, savers, shareholders and the wider community.
Conduct of the Inquiry
The Inquiry commenced on 9 May 2017.
The ACCC must submit a final report to the Treasurer at the conclusion of the Inquiry.
This is not an Inquiry in relation to supply by any particular person or persons.
The ACCC can hold public hearings for the purposes of the Inquiry. The times and locations of any hearings will be determined and published on the ACCC’s website at a later date.
Further information about the Inquiry can be found on the ACCC’s website (www.accc.gov.au/banking).