Login
ISCOVER
By: Staff Reporter
Abacus has called for the federal government to focus on promoting a more competitive banking market in the upcoming election.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
According to Abacus chief executive officer Louise Petschler, the federal government’s focus should be on changing the regulatory framework to better understand consumers, among other developments.
The claims come off the back of a recent study by the Australia Institute which showed that one in five people, or three million Australians, believe that a bank with bigger profits is safer.
“These consumer perceptions must be fixed because they are handicapping the capacity of the mutual banking sector – credit unions and building societies – to take on the big banks,” Ms Petchler said on Friday.
According to Ms Petschler, credit unions and building societies already hold 9 per cent of the new home loan market and 11.5 per cent of household deposits.
“Our sector is well-positioned as the competitive alternative to the big banks – however, we don’t have big banks’ $1 billion annual advertising and marketing budget.”
