Abacus Australian Mutuals is calling for national debate and an independent review of the country’s banking system, after research revealed banking competition is a major issue for voters.
A poll of 1,000 Australian voters by D&M Research showed that two thirds are in favour of 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.”
The research also showed that almost 80 per cent of those surveyed believe the big banks make excessive profits and 65 per cent think there is not enough competition in the mortgage market.
Ms Petschler said that 71 per cent of respondents agreed that the big four banks also have an unfair advantage in the mortgage market.
“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.”