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ISCOVER
Staff Reporter
Today’s APRA Quarterly Statistics show the customer-owned banking sector is in a strong position but could offer greater competition through a more balanced approach to banking.
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Industry body Abacus today released figures that show credit unions, building societies and mutual banks have recorded solid growth in a tough operating environment and in the wake of the global financial crisis.
The APRA data show the sector recorded housing loan growth of 5.8 per cent which is above market performance of 4.5 per cent.
The sector also performed strongly in deposits, with 6.6 per cent growth.
“It’s clear from these figures today that consumers are backing us and our customer-owned model,” Abacus chief executive Louise Petschler said.
“We are offering market leading performance on customer satisfaction, and substantially lower home loan and credit card rates.
“It’s clear to us though that we need further banking competition reform so that we can compete more fairly with the major banks and offer more choice and competition for consumers.”
Abacus launched the Balance Banking campaign last week to lobby for change to address the imbalance in banking, through a national debate and independent review of our banking system.
The campaign encourages everyday Australians to have their say about the level of banking competition in Australia and the changes needed to deliver more choice and better value for consumers.
Abacus is seeking an independent inquiry for the first time since 1997 to look at key issues such as equal access to funding, recognition of the customer-owned banking model and other ways to stimulate competition in Australia’s financial system.
