A majority of Australians want the ACCC to protect consumers and block Westpac’s planned takeover of St George, according to research released by the Finance Sector Union today.

The ACCC has for the first time invited members of the public to lodge their views of a corporate takeover, with the deadline for surveys today (Monday June 23).

Finance Sector Union national secretary Leon Carter said the findings of the FSU’s independent research show there is widespread opposition to the merger.

“Given the opposition, it’s really up to everyone who is concerned to take the  opportunity to make their views known with the ACCC before it is too late.

“To its credit the ACCC is seeking community input – so this is really a golden opportunity for Australian consumers to have their views heard.”

The McNair Ingenuity Research found nearly three quarters of people believed banks are already too powerful and shouldn’t be allowed to get any bigger.

Over half of respondents think the Government should stand up for working families and stop bank mergers.

The research also found that:
- 87 per cent of people think big banks make too much profit
- 76 per cent of people expected branch closures and 77 per cent of people believe job losses will occur following the takeover
- And 81 per cent of people do not trust banks to do the right thing

“This takeover and the ACCC survey should be of interest to everyone because we all need a bank account. Bigger banks do not mean better banks,” said Mr Carter.

Banking customers wishing to complete the survey should visit the ACCC mergers public register website (www.accc.gov.au/mergersregister) and click on the link titled: Westpac Banking Corporation - proposed acquisition of St George Bank Limited.

Spokesperson: Leon Carter, 0409 946 597
Media:  Charlotte Stemmer (EMC) 0432 375 522