Probe into big banks is ‘too little too late’

Shadow Assistant Treasurer Stephen Jones says a fresh investigation in to the big four banks is “too little too late”. Treasurer Josh Frydenberg directed the Australian Competition and Consumer Commission (ACCC) to investigate the sector over its failure to pass on repeated interest rate cuts in full. Mr Jones accused the government of sitting on vital information and failing to act in the interest of Australian consumers. “In June last year they received a report from the productivity commission looking at competition in the finance and banking industry and they have been sititing on it for 12 months,” he said. “The problems are clear yet the government is doing nothing, spooked into action because Labor’s putting a bit of pressure on them.”

from National | Daily Telegraph https://ift.tt/2MGsxZE