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Australian banks face new transparency regulations for savings accounts, mortgages

By James Panichi ( June 17, 2024, 07:28 GMT | Insight) -- Borrowers will find it easier to move their loans from one bank to another while also being scrutinized by financial-product comparison websites as part of the Australian government’s new competition-driven policy initiative targeting interest rates on mortgages and savings accounts. Treasurer Jim Chalmers has also announced a review into the challenges faced by small- and medium-sized banks, to be undertaken by the peak body of financial regulators along with the Australian Competition & Consumer Commission.Australian borrowers will find it easier to move their loans from one bank to another while also being scrutinized by financial-product comparison websites as part of the government’s new competition-driven policy initiative targeting interest rates on mortgages and savings accounts....

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