Author: Don Magin

Balance Banking Bus Tour pushes for greater competition in banking

Our CEO and the Chairman of Abacus Don Magin says the recent Balance Banking Bus tour of regional NSW was a good start to a campaign for an independent inquiry into the financial sector to ensure consumers benefit from greater competition. 

The Abacus Balance Banking Bus recently completed a successful tour of regional NSW. The purpose of the tour was to highlight to the local community, media and politicians about the need for an independent inquiry in to the banking sector in Australia. Mutual financial institutions such as the Greater Building Society do not have a level playing field when taking on the big banks and this can only disadvantage consumers. 

More than 1,000 people signed petitions for an independent inquiry and there was good media coverage in every town.

It is not too late to make your voice heard. Find out more at the Balance Banking website. Visits to Canberra, regional Victoria and Melbourne are planned in the coming months.

I'd like to thank the Greater Building Society staff who volunteered to help ABACUS at most of the tour stops. They did a great job helping people with petitions or cooking the free community BBQ. I'd also like to thank everyone who turned out to the events and those who signed the petitions.

Together we can create a more competitive financial sector to benefit all Australians.

The bus stopped in:

Newcastle Cessnock Port Macquarie Coffs Harbour Lismore Armidale Dubbo Orange

ABACUS is the industry association for building societies credit unions and mutual banks.

Did you visit the Balance Banking Bus or do you have a comment to make on the need for an inquiry into banking. Please share your thoughts below.