Australia's biggest banks reaped more than $1 billion from hiking interest-only mortgages rates in response to new regulations introduced to take some heat out of the housing market.
The Australian Competition and Consumer Commission has criticized the big four banks and Macquarie Bank for making it hard for home loan customers to work out the best mortgage deal, stifling competition in the process.
The watchdog's findings are contained in its final report on its year-long inquiry into the responses by the big four banks and Macquarie to a $6 billion levy introduced by the federal government in the May 2017 budget.