The Wire

Today, Bill Shorten renewed his call for a Royal Commission into banks, saying that the Government had done a bit of a backflip by suggesting a parliamentary committee overseeing the banks.  The Australian Bankers Association finds it difficult to understand the need for more scrutiny given the regulators already overseeing their operations.  Nonetheless, the failure of all of the banks again to pass on the full RBA interest rate cut last week is hard to understand.  They say they are helping depositors by upping the rates on some term deposits, but this seems to be less of a response to the RBA cut than a strategy to improve their market position.