Wow, the ACCC responded to my inquiry.

I am impressed, I received a prompt response to this inquiry I made last week. Of course, the RBA is granted impressive powers that private enterprise is not allowed. And they can not be prosecuted by the ACCC.

Predictably, there is a clause to cover them - Section 51 of the Trade Practices Act states:

(1) In deciding whether a person has contravened this Part, the following must be disregarded:

(a) anything specified in, and specifically authorised by:

(i) an Act (not including an Act relating to patents, trade marks, designs or copyrights); or

(ii) regulations made under such an Act;

The person on the phone from the ACCC also explained to me that they cannot prosecute the "private" member banks if their interest rates arise from anything relating to a government body like the RBA.

So it looks like our banking cartel is entrenched, with the power to inflate and debase our money supply, fix the price of interest, and to commit fraud through fractional reserve lending.