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COBA Media Release - 16 November 2018

Grant Thornton, one of the world's leading organisations of independent assurance, tax and advisory firms, released a report titled: rising fear over disproportionate cost of banking regulation for smaller lenders and the ultimate cost to competition and consumers.

As this is a topic very relevant to us here at LCU we encourage everyone to read the report. We have highlighted a few key points: 

  • Grant Thornton’s findings and recommendations are based on a survey of Customer Owned Banking Association (COBA) members which collectively hold the largest deposit pool and home-lending book outside the Big Four banks. The independent audit and financial advisory firm interviewed top executives from 26 banks and mutuals with asset sizes ranging from more than $5 billion to less than $1 billion. 
  • The report said smaller banks could be ‘squeezed out’, with profound implications for Australian consumers, if decision-makers forget that it was the Big Four who were ultimately responsible for the bad behaviour which led to the Hayne Royal Commission.
  • Grant Thornton has also created an infographic to help explain the varying cost of compliance across different financial organisations.

Read the Report Media Release

What Can I Do?

Are you tired of hearing bad news and feeling helpless? Well in this case there is something you can do. Contact your local member of parliament or even the current finance minister at the time of reading. Find their contact details by heading to the Australian Parliament website here.

 Contact your MP

What MORE Can I Do?

Become a part of the solution and join your local mutual institution. If that is us, excellent! You can Apply Online today! 

If not, please check the OwnYourBanking website to find the mutual financial institution that is best for you. 

 Apply Online Find a mutual


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The Reserve Bank of Australia has kept the official cash rate on hold at 1.5 percent in October. This marks thirteen consecutive meetings that have seen the historic low cash rate remain on hold, with the last movement being a 25 basis point rate cut in August 2016.

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Read more: Interest Rate remains at 1.50% in October

   

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As expected, the Reserve Bank of Australia (RBA) has again left the official cash rate on hold at 1.5 per cent, marking one year since the last move. This decision comes ahead of the release of the bank’s Quarterly Statement on Monetary Policy (SoMP) this Friday.

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Read more: Cash Rate August 2017

 

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The Reserve Bank has maintained the official cash rate at 1.5% at its first meeting for the year on 7th February 2017. 


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Read more: RBA keeps cash rate on hold for another month

   

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