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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.”

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