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May calls on major banks to lift their game.



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MAY CALLS ON MAJOR BANKS TO LIFT THEIR GAME 26 May 2005

Federal Member for McPherson Margaret May has accused a number of the major banks of greed. In Federal Parliament last week she said their latest grab for profits comes on the tail of ever dwindling services and constantly increasing charges.

Margaret said: "Some of the major banks are now charging customers for doing their banking on-line. These new charges come after the banks have uncompromisingly pushed technology onto their customers and left customers with little option but to take up technology.

"Bank fees comprise approximately half of the major banks' sizeable profits which amount to 1.5 per cent of GDP.

"Banks are big players in the Australian economy and their culture of greed leaves our society poorer both financially and socially. It is about time they lifted their game and gave the general public a break from the constantly increasing charges and started bringing back services.

"I don't believe its presumptuous of me to say that a very large section of the general public view the major banks as just plain money hungry, looking for whatever avenue they can to increase their bottom line, and this latest internet banking money making exercise reinforces that view", she said.

Hansard - 26 May 2005