Heritage throws support behind campaign to achieve better balance in banking

Heritage Bank today threw its support behind a national campaign that aims to change the face of banking in Australia.

That follows the release of new research which shows that:

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

Abacus Australian Mutuals this week 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 1000 Australian voters revealed 2 out of 3 want an independent inquiry into the country’s banking system.

“The research shows that many Australians are concerned about competition in the banking sector,” Heritage CEO Mr Minz said.

“We support the Balance Banking campaign and join this important national debate for change. An independent inquiry will leave us all better placed to compete in a stronger financial system.”

“We’ll certainly be having a say and encouraging our customers to do the same to achieve more competition and choice for consumers and banking rules that give everyone a fair go.”

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.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.