Sydney, 1 August, 2007: Australian Bureau of Statistics’ (ABS) results for the Consumer Price Index (CPI) for the year to June 2007 show that financial services prices grew by only 1.3 per cent compared with 2.1 per cent for the overall CPI.

The ABS categorises financial services into two main components: deposit and loan facilities and other financial services.

The category deposit and loan facilities most closely represents banking activities, covering direct and indirect price changes (fees and interest margins), as well as applicable taxes and stamp duties. This increased by 0.6 per cent over the last financial year.

David Bell, Australian Bankers’ Association Chief Executive said the official price measure was good news for millions of consumers with deposit and loan accounts.

"The prices for deposit and loan accounts have been contained and sit well below the consumer inflation measure," he said.

For further information:

Felicity Glennie-Holmes
ABA PR
Phone: 02 8298 0411
Mobile: 0412 673 038