Abacus Australian Mutual has upped the push for banking sector reform after launching the Balance Banking campaign, backed by a study that shows that banking reform is a major issue for Australian voters.

The survey of 1,000 voters found that two out of three want an independent inquiry into the country’s banking system.

"Australians are angry about the dominance of the major banks," Abacus CEO Louise Petschler said.

"The Balance Banking campaign will lobby for change to address the imbalance in banking, through a national debate and independent review of our banking system.

"In an election year, consumers are demanding politicians deliver a better banking deal for Australians," Ms Petschler said.

The research also showed:

  • Almost 80% believe the big banks make excessive profits.
  • 65% say there is not enough competition in the Australian banking system.
  • 71% agree the big four banks have an unfair advantage in the mortgage market.

"Our credit unions, building societies and mutual banks have 4.5 million customers, that's one in five Australians," Abacus CEO Louise Petschler added.

"For us Balance Banking means more competition in Australia's banking market, a level playing field for smaller players to take on the big four banks and ultimately more choice and better value for consumers."

Australians can join the campaign online and read the consumer research findings at www.balancebanking.com.au