A newly registered political party has accused banks of "gouging" consumers while they "bleat about the cost of funds".
The Bank Reform Party, newly registered in Australia, has announced it will contest the Federal Election on a platform of reform in the banking, supermarket and fuel sectors. Founder and leader Adrian Bradley last year told Australian Broker that the party would welcome the involvement and input of mortgage brokers.
Now, Bradley has taken sharp aim at banks in the run-up to the Federal Election. Bradley cited an IMF study claiming the Australian banking system is "the least competitive in the world".
"Taxpayers underwrote the loss of competition, which handed the banks unprecedented market dominance and massive profits, via the Government Guarantee but the banks have rewarded us by gouging while they bleat about the cost of funds," he said.
Bradley called for support for the party, slamming the ALP and Coalition as "out of step" with Australian mortgage holders. He claimed that better regulation of the finance sector would not necessarily erode bank profitability.
"We want our banks and other big businesses to be profitable, strong and successful, but they also have to be fair and accountable to the Australian community. There is no reason why increased competition, basic fairness and doing the right thing should be out of the equation."