Australians do not trust merger promises made by Westpac and St George banks to maintain local banking services and jobs, according to a major public opinion poll.

The Finance Sector Union today released results of an online opinion poll of more than 1000 Australians as Westpac and St George Bank announced they had signed a “Merger Implementation Agreement”.

The Essential Research poll found 80 per cent of people did not trust promises made by the banks that there would be no branch closures or job losses, as a result of mergers like Westpac and St George. Recent analysis by the Finance Sector Union (FSU) shows there is a nationwide overlap of two hundred and forty seven St George branches with Westpac.

Leon Carter, FSU National Secretary, said the union was embarking on a six-month campaign to stop mergers between Australia’s banks and help restore public confidence in the country’s banking industry. 

“Today brings about a six month fight by bank workers for jobs, customer service and banking standards. The merger agreement identifies large-scale job losses in head office, support and back office areas.

Only an extremely aggressive attack on bank workers will reap the proposed savings of 25% of St George’s costs in three years,” Mr Carter said.

The public poll also found that:

- 75 per cent of people believed that mergers like these would mean that there is less competition in the Australian banking sector.

- 69 per cent of people believed that mergers like these would mean there is less pressure on banks to reduce fees and charges.

- And, 55 per cent of people believed that if the Government was to keep it’s election promises to reduce bank fees and make changing banks easier for Australians, the Federal Treasurer must stop mergers like these.

Mr Carter said that the poll showed the need for greater Government regulation to protect competition in the Australian banking sector and local jobs.

“This merger, if approved, would lead to a major round of consolidation in the banking sector. Our message to the Treasurer is to stop this merger and future mergers and introduce a tougher set of rules that protect competition and local banking jobs, ” said Mr Carter.

Spokesperson:      Leon Carter, 0409 946 597
Media:                  Gemma Swart 0414 873 291

Click here to download PDF version of media release