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Swan backs small banks ahead of reforms

December 10, 2010 – 9:57AM

Federal Treasurer Wayne Swan has put his money where his mouth is on the big four banks – opening an account with a credit union.

Mr Swan says the big four need to understand Australians will shop around for better deals, and demonstrated his point at a credit union at Toombul, in his electorate in Brisbane’s north.

He told reporters his banking competition reforms, due any day now, were no silver bullet – but would provide the building blocks for a more competitive system.

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‘‘This package will be methodical. It will put in place the building blocks of a more competitive system but I will make the point there is no silver bullet,’’ Mr Swan said. ‘‘There is no magic solution that can change things dramatically overnight.’’

He said Australians should shop around and not stick with a major bank if they are unhappy with what they’re getting.

Mr Swan said he hopes to encourage this by reopening an account with Credit Union Australia.

‘‘I want to say credit unions generally, our regional banks generally and our building societies generally are safe and they are competitive,’’ he said. ‘‘There are alternatives in our system and if you’re not happy with your financial institution then shop around.

‘‘Our four major banks need to understand Australians will shop around if they feel they can get a better deal.’’

Sourced & published by Henry SAPIECHA

December 10th, 2010
Topic: Money & Investments, POLITICS PARLIAMENT Tags: , , ,

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