(22 November 2010 – Australia) Wayne Swan, treasurer, has made his intentions to disrupt the big fours’ market powers, saying he is “determined to see a new pillar in the system” to take on Westpac, National Australia Bank, the Commonwealth Bank and ANZ.The fifth entrant would be made up of existing building societies, credit unions and wealth management firms such as AMP and AXA.
Mr Swan was questioned on the Nine Network as to whether he would approve AMP’s bid for AXA Asia Pacific in order to create the so called fifth pillar.
The treasurer refused to speculate, however did say that he would ”welcome additional investment in the banking system to provide more competition for the big four”.
Mr Swan has made it discontent clear for the big four banking giants after they went against his warnings and proceeded to move interest rates above the Reserve Bank’s official cash rate increase on cup day.
”There are better deals down the street,” Mr Swan said yesterday.
”If you go to a credit union you may be able to get up to 100 points better in terms of your mortgage. The big banks behave in an arrogant way because they feel confident their customers won’t walk.”