Josh Frydenberg talks tough on banks — but can he really do anything?
A probe will examine whether mortgage-holders are being ripped off by the major banks amid claims they’re putting profit before customers.
The RBA has cut the official cash rate three times this year, but the big banks have only passed on some of the savings.
Treasurer Josh Frydenberg told Neil Mitchell the ACCC investigation will take a close look at their behaviour.
“I have felt that the banks have left themselves open to the charge that they have put profits before their customers,” he said.
“Certainly the public are quite disenchanted with their banks and that’s not good for anyone.”
NOW | Neil Mitchell talking banks with Treasurer Josh Frydenberg, who has referred them to the ACCC over refusal to pass on rate cuts.
“Josh can pressure them and beat his chest, but the reality is that I don’t think there’s much government can do.”
— 3AW Melbourne (@3AW693) October 13, 2019
Click PLAY to hear the full interview