Video: Australians want greater banking competition, says COBA survey

27 February 2014

New research shows more than three-quarters of Australians believe the big four banks have an unfair advantage which should be addressed by the Financial System Inquiry (FSI).

The Essential Research survey of 1000 Australians revealed strong support for the FSI, with almost 80% in favour of examining the market dominance of the big four.

Other key findings from the survey include:

• More than half (57%) believe there is no genuine competition between the big four banks;
• 82% see it as important to look at whether regulation promotes or limits competition;
• 70% say the big four need stronger regulation to limit their dominance, and a similar number say regulation should not be one size fits all;
• There is confusion about multi-branding by the big banks with just 52% surveyed saying St George was owned by a big four bank, down to a low of just 29% for RAMS;
• Around 80% say the customer owned sector is important part of the banking sector, provides vital services in regional communities and should be supported by the regulatory system to promote competition.

Source: Australian Banking + Finance article, Australians want more bank competition, Feb 25