The Big Change Coming To Australia's Biggest Banks
Australia’s bank watchdog will trawl through emails at Australia’s biggest banks as they try to stop them passing on a new levy.
A squad of agents will work out how the banks are calculating fees on their home mortgages
That will help them monitor any changes when Treasurer Scott Morrison's proposed new tax on the banks - worth $6.2billion over four years - comes into effect.
The tax affects all the big four banks, The tax will affect the 'big four' banks - Commonwealth Bank, Westpac, NAB and ANZ - as well as Macquarie Bank.
Australian Competition and Consumer Commission (ACCC) chief Rod Sims said 'We don't have the power to stop the banks doing anything but I think the fact we're looking and have an obligation to report publicly will have an effect on their behaviour.
'We'll be able to see what they're doing because we'll have access to their confidential information,' Mr Sims told ABC radio on Thursday.
The ACCC will be given access to emails, internal reports and other documents, and also have the power to hold compulsory hearings under oath.