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Australia’s smaller banks have taken the fight to the big four with a national TV campaign calling for a “stronger, fairer system”.
The Customer Owned Banking Association launched the commercial today, which will also be complemented by radio, print and online advertising.
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The campaign argues that it is unfair for the federal government to guarantee the survival of the majors because that provides them with an unfair commercial advantage over smaller banks.
Chief executive Louise Petschler said the ongoing Financial System Inquiry needed to find a way to level the playing field.
“This is a once-in-a-generation opportunity to put the interests of customers first and produce a more competitive banking market,” she said.
“If the government's Financial System Inquiry does not deal with this unfair advantage, it will not deal with the key issue facing consumers and competition in the Australian banking sector.
“Let’s not put too-big-to-fail in the too-hard-to-fix basket. We must take the opportunity to put consumer interests first, for a stronger, fairer banking system.”
[Related: Association makes case to federal inquiry]
