What we did
On Melbourne Cup Day 2010, the big four banks took advantage of the race that stops a nation to hike interest rates to almost twice the RBA's increase.
The community backlash was immediate. We took up the call for a more competitive and customer-friendly banking sector in our Better Banking campaign.
In late 2010, we heard the message loud and clear from banking customers. They were sick of getting a raw deal from a big four who took them for granted.
Our Better Banking campaign launched in Sydney's Martin Place, home of the banking elite. It called on industry, government and consumers to help transform our banking sector.
Lack of competition was one of the biggest issues. Many Australians thought switching banks was too much hassle, or not worth it.
So in December 2010 we responded with our Compare, Ditch and Switch comparison tool, shaking up the market by helping consumers find a better banking deal.
In March 2011, we delivered our Better Banking report to Canberra. We called for reforms, including easier switching, stamping out unfair fees and increasing competition.
The Government listened - scrapping mortgage exit fees and simplifying account switching processes. They also mandated banks provide better information on credit products.
In March 2012, we asked Australians to send the big four bank CEOs a message they could not ignore and move their money.
We showed the savings possible by shopping around beyond the major banks. On the back of that action we delivered the big four a giant farewell card, signed by 4500 Better Banking supporters.