Petrol prices in Australia’s five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) fell sharply at the end of last year, hitting lows not seen since August 2017.
Banking & finance
The opaque, discretionary pricing of residential mortgages by banks makes it difficult and time consuming for borrowers to shop around and stifles price competition, a report by the ACCC has found.
The ACCC’s Residential Mortgage Price Inquiry monitored the prices charged by the five banks affected by the government’s Major Bank Levy between 9 May 2017 and 30 June 2018.
Sending money overseas, and buying foreign cash, will be the focus of a new ACCC inquiry into foreign currency conversion services.
“Whether you’re buying Euros from your bank for an upcoming trip, sending money to family in Indonesia, or you’re a small business trading with suppliers in New Zealand, foreign exchange services are used by Australians every day,” ACCC Chair Rod Sims said.