Australians want politicians to strike balance in banking

A new national campaign launches today to change the face of banking in Australia.

Abacus Australian Mutuals today launched the Balance Banking campaign, backed by consumer research showing banking competition is a major issue for Australian voters.

The polling by D&M research of 1,000 Australian voters revealed two out of three want an independent inquiry into the country’s banking system.

“Australians are angry about the dominance of the major banks,” Abacus CEO Louise Petschler said.

“The Balance Banking campaign will lobby for change to address the imbalance in banking, through a national debate and independent review of our banking system.

“In an election year, consumers are demanding politicians deliver a better banking deal for Australians,” Ms Petschler said.

The research also showed:

• Almost 80% believe the big banks make excessive profits.
• 65% say there is not enough competition in the Australian banking system.
• 71% agree the big four banks have an unfair advantage in the mortgage market.

“Our credit unions, building societies and mutual banks have 4.5 million customers, that’s one in five Australians,” Abacus CEO Louise Petschler added.

“For us Balance Banking means more competition in Australia’s banking market, a level playing field for smaller players to take on the big four banks and ultimately more choice and better value for consumers.”

Australians can join the campaign online and read the consumer research findings at www.balancebanking.com.au.

The Balance Banking website is interactive and offers consumers the chance to have their say on Twitter and Facebook, sign up for regular newsletters, vote on website polls and make comments about their banking experiences.