A new survey of 1,000 people held by Abacus (the initiators of the Balanced Banking campaign), has revealed that many Australians are not aware to what extent the big fours’ hold actually reaches.
The report claims just 53% of Australians are aware that Westpac took over St. George bank in 2008, 36% know CBA owns Bankwest, 21% are aware NAB owns UBank - and only 14% know RAMS is controlled by Westpac.
Many people reportedly believe the major banks own up to 70% of home loans on the market, but Abacus says that figure actually stands at 92%.
Abacus CEO, Louise Petchler, says Australians are angry about the dominance of the major banks.
"In an election year, consumers are demanding politicians deliver a better banking deal for Australians."