Bankmecu has responded to yesterday’s Balanced Banking campaign by renewing its call for the federal government to deliver on its promise to increase competition and choice in banking for Australian consumers.
The Balanced Banking campaign is an initiative put forward by Abacus mutual and is aimed at politicians in the lead-up to this year’s election.
The independent lender’s managing director, Damien Walsh, welcomes the campaign, which claims to be supported by independent research showing that 65% of Australian voters think there isn’t enough competition in the nation’s banking system.
“There is growing concern that the major banks are creating a veneer of competition through their various sub-brands and consumers should expect greater disclosure of the facts.”
However, while Australian Banker’s Association (ABA) chief executive, Steven Münchenberg, tells Australian Broker the organisation generally supports enhanced competition in the banking sector, he believes consumers are ‘smarter’ than the anti-big bank campaign would suggest.
“We are supportive of ideas that remove barriers to smaller banks and mutuals being competitive – for example, when governments announce major regulatory changes, especially at short notice, it hurts smaller lenders disproportionately – government’s need to recognise that constant regulatory change can hurt competition.”