Powered by momentummedia
nestegg logo
Powered by momentummedia
Powered by momentummedia
nestegg logo
nestegg logo

 

 

Invest

Are Australians ditching the major banks?

By Reporter
  • March 20 2019
  • Share

Invest

Are Australians ditching the major banks?

By Reporter
March 20 2019

New data suggests Australian investors are moving away from the big four banks in the wake of the royal commission.

APRA

Are Australians ditching the major banks?

author image
By Reporter
  • March 20 2019
  • Share

New data suggests Australian investors are moving away from the big four banks in the wake of the royal commission.

APRA

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.

Advertisement
Advertisement
Are Australians ditching the major banks?
APRA
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

more on this topic

Listen
Watch
Read
Financial terms made easy

more on this topic

From the web

Recommended by Spike Native Network

More articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.