Invest
Are Australians ditching the major banks?
New data suggests Australian investors are moving away from the big four banks in the wake of the royal commission.
Are Australians ditching the major banks?
New data suggests Australian investors are moving away from the big four banks in the wake of the royal commission.
Data from the banking regulator, APRA, for year-on-year growth has shown that customer-owned banking institutions have grown their total housing loan book by 8.1 per cent.
By comparison, authorised deposit taking institutions (ADIs) recorded 4.5 per cent and it was a 3.7 per cent result for the major banks.
“The customer-owned banking sector is growing faster than the overall banking sector as 12 months of royal commission hearings take their toll on Australia’s investor-owned banks,” said the Council of Small Business of Australia (COSBOA).
Consumers are also choosing to switch their general banking services, according to COSBOA, with deposits growing year-on-year by 6 per cent for the customer-owned banking sector. By comparison, the big four recorded 2.1 per cent, and other ADIs recorded 3.2 per cent.
“The deposit growth has seen the customer-owned banking sector break its previous records and now hold more than $100 billion in deposits. The customer-owned banking sector is the fifth-largest holder of household deposits outside the big four,” COSBOA said.
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