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Bank fees climb in FY2006

Bank fees climb in FY2006

(18 May 2007 – Australia) Reserve Bank of Australia findings reveal that fee income received by banks in the 2006 financial year increased six percent to A$9.78 billion. Business accounted for almost 60 percent of that number, up three percent on the previous year, paying some A$5.74 billion in fees with, the balance generated by retail customers.

Loans accounted for A$1.62 billion in fees while merchant service fees totalled A$1.48 billion, up one percent in 2006.

Fees from household credit card use increased 10 percent to A$1.02 billion, while deposit fees grew A$1.62 billion.

According to the RBA, growth in banks' domestic fee income in 2006 was less than the growth in banks balance sheet assets.

'Growth in fee income appears to have been mainly the result of an increase in the use of banking services rather than higher unit charges,' the RBA said.

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