20 June 2019
While the cost of living for Australian families continues to rise, bank fees charged to households have dropped by 6.5% over the last 12 months, the largest fall since 2010, according to the latest RBA data.
While the cost of living for Australian families continues to rise, bank fees charged to households have dropped by 6.5% over the last 12 months, the largest fall since 2010, according to the latest RBA data.
The dramatic drop is largely due to the abolition of ATM withdrawal fees by several banks, a reduction in home loan and deposit account fees and reducing overdrawn and dishonour fees.
CEO of the Australian Banking Association Anna Bligh said banks are listening to the community and are making real changes to the way they do business, benefiting Australian customers.
“While power bills, gas bills, health care and other items are going up, bank fees charged to households are going down, dropping by 6.5% over the last 12 months,” Ms Bligh said.
“The drop in fees is a direct result of banks listening to community concerns and abolishing many fees which were out of step with community expectations,” Ms Bligh said.
“Abolishing fees on ATM withdrawals is a major reason behind largest drop to fees for close to a decade.
“Overdrawn and dishonour fees have also been reduced by banks over the last 12 months as they have listened to customers who told them that they were unreasonable.
“Banks continue to work hard to earn back the trust of the Australian public, through abolishing fees that are seen as out of step with the community and other initiatives such as the new Banking Code of Practice which will deliver new rights and protections for customers when it goes live on July 1 this year,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
The ABA acknowledges the release of the 2025-26 Mid-Year Economic and Fiscal Outlook. The Government’s forecasted $8.4 billion reduction in the deficit over the forward estimates including a $5.4 billion reduction for year’s deficit is welcome. Lower deficits and claimed savings of $20 billion over the next four years is a beginning towards ensuring our national finances are on a more sustainable footing. While this Budget update contains lower forecasts of spending as a share of GDP, the ABA notes the importance of ongoing spending restraint to help reduce inflationary and interest rate pressures. Banks… Read more »
ANZ CEO Nuno Matos has been appointed as the new Chair of the ABA Council, as banks continue their focus on meeting the needs of customers as well as playing a crucial role in the Australian economy. At the ABA’s Annual General Meeting today in Melbourne, ING CEO Melanie Evans was also reappointed as Deputy… Read more »
The ABA welcomes today’s release of draft industry designations and framework for scams code obligations for banks, telecommunication companies and digital platforms – reinforcing the importance of an ecosystem approach in the fight against scammers. ABA CEO Simon Birmingham said the draft materials were the next piece of the puzzle in ongoing efforts to drive… Read more »