Published: October 05, 2019
Shadow treasurer calls for new banking inquiry after major banks failed to pass on full interest rate cut
Labor says the Morrison government should consider increasing the bank levy in response to the failure by the big players to cut interest rates in line with the central bank, and look at broader measures to boost competition in the sector.
The shadow treasurer, Jim Chalmers, told Sky News on Sunday the government needed to sign off on a new inquiry into competition in the banking sector by the Australian Competition and Consumer Commission, and consider all options, including hiking the bank levy, after the major banks declined to pass through the full rate reduction following the Reserve Bank’s latest cut to the official cash rate.
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