Louise Petschler | 18 February 2013

The imbalance in Australian banking must go

Abacus Australian Mutuals has launched a campaign to change the face of banking in Australia.

The Balance Banking campaign is backed by consumer research showing banking competition is a major issue for Australian voters.

A poll of 1000 Australian voters, conducted by D&M Research, 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. 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.

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 - one in five Australians.

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 the Balance Banking website.

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.

Louise Petschler is CEO of Abacus Australian Mutuals.

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