The Australian government has announced a series of changes aimed at improving transparency and competitiveness in the banking sector. Under the new regulations, banks will be required to inform customers when there are changes to interest rates on savings accounts and when cheaper deals are available. This initiative, championed by Treasurer Jim Chalmers, is part of a broader effort to help consumers make better financial choices. The changes also include simplifying the process for switching home loans, following key recommendations from the Australian Competition and Consumer Commission (ACCC).