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The ACCC may step in to block further bank mergers in order to maintain competition.
According to today’s The Australian Financial Review the move would be a result of increased political and consumer backlash over increased bank profitability.
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The ACCC’s chairman Graeme Samuel also said the increased dominance of the Big Four banks could encourage anti-competitive behaviour, including signalling to one another how they plan to respond to cuts in the official cash rate.
