A new report has found that Australia’s Big Four banks are pocketing a massive windfall each year by not passing on the full interest rate cuts to consumers.
The Big Four have withheld a quarter of all Reserve Bank rate cuts since 2011 - and at the same time they’ve cut the interest they pay on deposits by more than the official cash rate reductions.
Australian homeowners are forking out an extra $14 billion a year in interest repayments because of the move.
Prime Minister Scott Morrison says mortgage holders have a reason to be disappointed in the banks by profiteering on their customers.