On 18 November 2013, the Federal Court dismissed proceedings brought by the ACCC alleging that Australian and New Zealand Banking Group Limited (ANZ) had engaged in price fixing. 

The ACCC alleged that in 2004, ANZ entered an agreement where it would only allow Mortgage Refunds Pty Ltd (Mortgage Refunds) to continue to be accredited to offer ANZ mortgage products if it agreed to limit the amount of any refund it paid to its customers. 

The ACCC submitted this conduct amounted to price fixing as ANZ and Mortgage Refunds were competitors in the market for the supply of loan arrangement services.  The Court found that ANZ was not a participant in the market for the provision of loan arrangement services. Accordingly, ANZ and Mortgage Refunds were not competitors, and therefore the Court concluded that ANZ had not engaged in price fixing.