Media Release
Thursday 28th October 2010
Finance Sector Union says it is time for banks to share the spoils
In congratulating the NAB for its $4.22 billion profit announcement, the
Finance Sector Union has called on Australian banks to share their profits with those that
provided it, the Australian community.
Finance Sector Union National Secretary, Leon Carter said that the union’s research showed that
Australians want our banks to be profitable and competitive within a framework that treats the
public fairly, responsibly, ethically and gives back through investing in skills and jobs for the
future.
“Over the next week, we are going to hear some pretty big profits announced by our big four
banks. This is a significant achievement when we look at many parts of the rest of the world still
struggling with the GFC,” Mr Carter said.
“The next challenge is to ensure that our banks conduct their business in a manner the
Australian public finds acceptable. FSU’s research shows that Australians have major concerns
about fees and charges, existing debt levels, having debt products more freely available and the
sending of jobs and customer information offshore.”
“The profitability of our banks does not have to be at the expense of jobs, or achieved through
excessive fees, rates and charges. With proper regulation, we can have a far healthier bank
sector,” said Mr Carter.
Mr Carter also criticized recent calls for another inquiry into the behaviour of banks.
“From our research, the public does not want yet another inquiry about banks. The same old
turgid arguments will get tossed around again, resulting in little or no change,” he said.
“Australians know what they want from their banks. They want our politicians to put regulations
in place to ensure all Australians benefit from a better banking environment.”
Spokesperson:
Leon Carter, 0409 946 897
Media:
Anaya Latter, 0432 121 636
NEWS 
