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Media Releases

Australians are continuing to turn to a banking model that puts the customer first with the latest APRA quarterly banking figures showing system-beating growth in the customer owned banking industry.

The release of the Australian Competition and Consumer Commission’s final report on the ‘Residential Mortgage Price Inquiry’ has confirmed that greater competition and transparency in the banking sector are crucial to Australian consumers getting a fairer deal. 

The Coalition Joint Party Room approval today of crucial legislative reforms to make it easier for customer owned banks to compete with the ‘Big Four’ is a welcome step towards creating a more competitive banking sector.  

COBA welcomes the KPMG Mutuals Industry Review 2018 and its endorsement of our sector’s performance in a tough business environment.

Release today of a draft bill by Assistant Minister for Treasury and Finance Zed Seselja to create a new capital instrument in the Corporations Act is a positive step forward for customer owned institutions and consumer choice.

An independent survey of Australian bank executives has found growing concern about the disproportionate cost of regulatory compliance as decision-makers try to rebuild public trust in response to the Hayne Royal Commission.

COBA welcomes APRA’s announcement today proposing higher capital requirements for major banks to improve financial safety, financial system stability and competition.

Legislation to allow Australia’s customer owned banking sector to more easily raise capital will increase its ability to compete with the nation’s major banks.

Former ACCC chair Graeme Samuel says the revelations of the Financial Services Royal Commission pose an opportunity for the customer owned banking sector.

Release today of a draft bill to lower barriers to capital raising by mutual banks, credit unions and building societies is a significant step forward in promoting competition in banking.

The Interim Report of the Financial Services Royal Commission shows the importance of putting people before profit.

APRA’s quarterly banking figures indicate that customers have faith in the customer-owned banking sector.

COBA notes public statements by the ABA that the ABA’s new Banking Code of Practice should be adopted by mutual banks, credit unions and building societies that are not ABA members.

New figures released today show the customer owned banking sector is the clear leader on customer satisfaction and advocacy, at a time when trust in the banking sector is more important than ever.

Australia’s mortgage broking industry has ended the use of volume-based bonus commissions, campaign-based commissions, and other volume-based bonus payments.  This is one of the main findings of an interim report prepared by the Combined Industry Forum.

Good afternoon and thank you for coming.

COBA today launched the #MoreThan4 campaign which calls for a new proportionate approach to banking regulation.

A new report has identified problems with one-size-fits-all regulation in banking and warned of the impact more regulation flowing from the Royal Commission could have on consumers, competition and smaller banking institutions.

The Productivity Commission’s report on competition in banking released today sends strong messages to regulators and policymakers that regulation is hurting competition and consumers are paying the price.

The Customer Owned Banking Association today encouraged consumers to explore better credit card options after an ASIC review into credit cards found that one in six Australians are struggling with credit card debt.

Almost half of all Australians have less trust in the big banks because of the Royal Commission into banking.

COBA today welcomed the latest quarterly statistics from APRA which show strong growth for the customer owned banking sector and are cause for optimism for the second half of 2018.

New research has found the Banking Royal Commission has made Australians more receptive to banking alternatives and switching their banking.

COBA today supported National Scams Awareness Week, which has the theme “Ask Yourself Is this for Real”.

A new campaign is encouraging Australians to ’Own Your Banking’ and to look at the benefits of customer owned banking.

COBA today voiced its support of open banking for consumers and competition but has questioned the tight timetable announced for smaller banking institutions.

COBA op-ed on Royal Commission

By Michael Lawrence, COBA CEO

The Financial Services Royal Commission is already changing banking.

COBA today said Australians looking for banking that focuses on them as people should look no further than Customer Owned Banking.

COBA today welcomed the latest quarterly statistics from APRA which indicate a strong 2018 ahead for the customer owned banking sector.

COBA speaks for mutual banks, credit unions and building societies – customer-owned banking institutions that provide important competition and choice in the retail banking market and bring an unmatched customer focus to the market.

COBA looks forward to engaging with our member banking institutions and responding in due course on APRA’s proposals to revise the capital framework for home loans.

COBA welcomes the New Payments Platform starting today which allows Australian bank customers to make and receive real-time payments anytime.

COBA today welcomed the release of the Productivity Commission’s draft report into Competition in the Australian Financial System.

COBA today welcomed the bipartisan approach taken in Federal Parliament to give small and medium banking institutions more time to prepare for the Banking Executive Accountability Regime (BEAR).

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Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
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