THE NEWS WRAP: ACCC calls for new powers to stop the major banks colluding on interest rate rises

The Australian Competition and Consumer Commission has called for new powers to stop the major banks colluding on interest rate rises.

ACCC chairman Graeme Samuel told The Australian Financial Review that he was “concerned” about price signalling between the banks. The comments follow shadow treasurer Joe Hockey’s claim that the government should do more to prevent the banks hiking rates beyond the official RBA level.

Australia Post eyes banking move

Meanwhile, the ‘big four’ banks could face fresh competition from Australia Post. The Future Fund is in talks with the government to open up Australia Post braches as ‘financial supermarkets’ in a move that will interest small businesses that are unhappy by the lack of choice in the banking market.

Court rules against client poaching

Employees who try to take clients with them when they quit could find life difficult following a NSW Court of Appeal ruling. The court found that a complicated non-compete agreement should be enforced against an insurance broker who jumped ship to a rival firm. 

Overnight

The Australian dollar fell following yesterday’s surge to US97.74 cents, while the Dow Industrial Average gained 38.60 points.