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.