Time for action as banks show their thick skins

CHOICE heats up Better Banking campaign with video and public meeting

CHOICE, the people's watchdog, says the time is ripe for substantial and speedy reform to the banking system given the big banks’ excessive moves in raising their mortgage rates.

The consumer group says their collective market might has been amply demonstrated in the latest round of increases above and beyond the RBA cash rate.

The focus must now switch to ensuring public anger leads to concerted action to ensure real and robust competition is restored to the banking sector.

“Those who believe Australians deserve a better banking system must ensure that the consumer's voice is heard loud and clear in the present debate," says CHOICE's Director of Campaigns and Communication, Christopher Zinn.

“If that voice had been listened too earlier we might not have seen the smaller institutions gobbled up by the Big Four which has been one of the major influencers one a big way to influencing the present situation.”

CHOICE is urging Australians to join its Better Banking campaign by:

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