Competition alive and well

Three million Australians have switched banks over the past three years

An ABA survey conducted by Galaxy Research shows that more than three million Australians have switched banks over the past three years with two-thirds finding it an easy process. Almost two-thirds of Australians have accounts at more than one bank.

ABA Chief Executive Anna Bligh said this demonstrates that people are shopping around to find the best deals.

“Australia has a competitive banking system with hundreds of providers of financial products and services, and many comparison websites at customers’ fingertips,” Ms Bligh said.

“When it comes to home loans, customers are actively looking for the best deals, with more than 30 per cent of all new home loans coming from customers who change their mortgage provider.”

More information about the survey is available here.

The ABA discussed the competitive nature of banking in its submission to the Productivity Commission review into competition in Australia’s financial system. We also recommended ways to create even more competition and benefit customers, including by reducing barriers to entry for new players.

The submission also looks at the profitability and efficiency of Australia’s banks, the impact of regulation – including APRA's macro-prudential measures in housing – and the importance of improving financial literacy for all Australians.

A copy of our submission is available here.

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