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CBA Chief Executive Matt Common Defends Savings Rates as ACCC Launches Bank Deposit Inquiry
The Australian Competitive and Consumer Commission, ACCC, formally launched an inquiry into how banks set deposit rates last Wednesday. It said as the Reserve Bank had raised official interest rates since May last year, increases in saving rates had typically been smaller and less consistent than increases in lending rates. Commonwealth Bank Chief Executive, Matt Common has defended the banking giants, the deposit account interest rates,. highlighting increases in certain products after Treasurer Jim Chalmers offered an inquiry into the rates all banks pay savers.
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