Australians are angry about the dominance of the four major banks

Australians are angry about the dominance of the four major banks   

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 recent pole of Australian voters was conducted by D&M Research and revealed two out of three want an independent inquiry into the country's banking system.   Australians in general are not happy at all with 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.   

Australians consumers are disgruntled and are demanding all politicians provide a better banking system with a wider variety for all Australians and with research showing that around 80% believe the big banks make excessive profits,  65% say 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.   

Australian credit unions, building societies and mutual banks have 4.5 million customers which equates to around one in five Australians.   

Competition in Australia's banking market can only benefit the general public with a level playing field for smaller players to take on the large banks and ultimately give them far more choice and obviously better value for consumers.    

Australians have a choice by shopping around plus demanding the Government allow more variety by letting other banks of the world join the Australian financial market place