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Report into Australia's 'opaque' retail-deposit market feeds into antitrust regulator's feud with banks

By Ryan Cropp and James Panichi ( December 15, 2023, 00:49 GMT | Insight) -- Australia’s banking sector has received yet another hit from the country’s competition enforcer, which today released a damning report on retail-deposit products that found opaque pricing practices and a range of fees and charges were hampering the ability of savers to shop around. The report by the Australian Competition & Consumer Commission found that savers faced ongoing challenges in comparing and switching between banking products and were being misled by comparison websites working on commission for the banks.Australia’s banking sector has received yet another hit from the country’s competition enforcer, which today released a damning report on retail-deposit products that found opaque pricing practices and a range of fees and charges were hampering the ability of savers to shop around....

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