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ANZ fleecing customers

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Media Release

Adam Bandt MP Deputy Leader, Australian Greens Federal Member for Melbourne

29 October 2013

ANZ fleecing customers: Bandt

ANZ’s record profit announced today is a result of the big banks fleecing customers, Greens Deputy Leader and banking spokesperson Adam Bandt said today. ANZ has increased its profit by 11 per cent to $6.49 billion and it comes as the big four banks are predicted to lift their annual profits to over $27 billion this year.

“Everyday Australian’s bank balances have bled to feed this record profit. It is no wonder so many Australians see the big four as vampires.” Mr Bandt said.

“A stable financial sector shouldn’t come at such a high cost to everyday consumers.”

“Fees and charges, particularly ATM fees and credit card charges, are feeding the big banks’ profits. The cost of wholesale finance is at a low level yet banks are not passing on these savings to mortgage interest rates.”

“There was a time when Joe Hockey was the bank customers’ biggest defender, but now he has gone silent. The government needs to take on the Greens’ proposals for capping or abolishing ATM fees.”

“When the government sits down to implement the cuts proposed by the commission of audit, it should look at getting more revenue from the banks before it takes an axe to services.”

Contact: Damien Lawson 0487 900 005