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Banking measures are designed to boost savings, mortgage competition, Australian minister says

( June 15, 2024, 06:12 GMT | Official Statement) -- MLex Summary: Competition and consumer-protection measures set to be introduced by the Australian government will introduce financial-product comparison websites to better disclose what determines how bank savings and mortgage products are ranked and the financial relationship they have with recommended product providers. In a statement, Australian Treasurer Jim Chalmers said that the initiative will also make it easier to switch loans by ensuring customers have direct and easy access to the forms needed to exit a mortgage. The move follows the 2023 inquiry by the Australian Competition & Consumer Commission, which reviewed the setting of interest rates on savings accounts.The full statement from Australian Treasurer Jim Chalmers follows: ...

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