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The federal government's taking a big stick to the country's major banks this morning, compelling them to explain why they're not passing on the full extent of RBA interest rate cuts to borrowers. Treasurer Josh Frydenberg has directed the consumer watchdog to investigate the bank's behaviour following several cuts this year to the official cash rate. While large and small banks will be scrutinized by the ACCC, the government is primarily targeting the Big Four. They've only passed on about three-quarters of the Reserve Bank's cuts, costing the average home loan borrower about 5-hundred dollars a year.
Rescue crews in Japan are working around the clock as the true scale of the damage wrought by deadly typhoon Hagibis becomes clear. It's the most powerful storm to hit the country in decades, killing more than 30 people. The typhoon which produced almost half a metre of rain, has caused landslides and severe flooding, devastating homes and businesses in the process. 27 thousand troops and emergency workers have been deployed to affected areas.
Hundreds of family members of Islamic State fighters have escaped detention camps in northern Syria after Turkish forces claimed two border towns. The development came as the last US troops were withdrawn from Syria. It's heightened fears the Turkish assault against Kurdish forces, could allow Islamic State to regain strength in the ravaged region.
