Angry customers have banded together to take on the big banks, launching a new political party that will compete in the next federal election.
The Bank Reform Party (BRP), founded by members of Unhappy Banking, will attempt to infiltrate the senate in all states and campaign for fair competition and better regulation of the banks, supermarket and fuel prices.
Former BankWest head of media Adrian Bradley said surveys had consistently showed most Australians wanted banks to be more accountable.
"We saw the banks' arrogance again last week when they thumbed their nose at the RBA's 50 basis point cut," he said in a statement.
"The ALP and Coalition are out of step with the Australian community's expectations on the need to reform our banks."
Mortgage holders across Australia are watching the major banks announce interest rate cuts smaller than the RBA's 50 basis-point cut last week.
However, BRP founder Adrian Bradley says 'bank bashing' is not what his party is set up to do.
Bradley says the party is "very close" to securing the 500 signatures it needs to be recognised by the Electoral Commission. The 'UnhappyBanking' group alone has around 500 members, and after not one of the major or second tier lenders passed on the rate cut in full, many Australians will be lining up to sign.
The party aims to bring regulation to bring banks into line with RBA cash rate moves, enforce new and tougher anti-predatory lending practices. Enforce greater transparency on fees and charges. Greater competition, more support for non-bank lenders and develop a cap on excessive bank bonuses and executive salaries.