The Australian Competition & Consumer Commission (or ACCC) unveiled that maintaining profits was a major consideration for the big four banks while they weighed on reducing mortgage rates in line with the RBA’s cut in the cash rate.
- The recent report released by ACCC on the home loan enquiry depicted that the big four banks considered a variety of factors to reach a conclusion regarding whether to pass on the RBA’s June, July and October 2019 rate cuts; however,
- ACCC noticed that recovering profits was central to the big four banks, and they did not fully pass through the lower rates to mortgage customers.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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