The ACCC decision to give the go ahead to Westpac’s takeover of St George bank puts jobs at risk and reduces choice for customers warned the Finance Sector Union.
 
Leon Carter, National Secretary, Finance Sector Union said the Treasurer is now responsible for maintaining meaningful competition in the banking sector and acting in the national interest by rejecting the merger.

“Bank workers and customers are telling us that the takeover will cost jobs and erode competition. There is no point bank customers being able to switch banks if there are fewer banks to switch to’ said Mr Carter.

With as many as 5000 jobs under threat should the takeover go ahead, the Treasurer needs to take a broader view of what is in the national interest than the ACCC has.

The FSU has called in to question the findings of the ACCC for refusing to make public survey results gathered during the review. Critical information about public attitudes towards the banking sector is being withheld.
 
McNair Ingenuity Research conducted on behalf of the Finance Sector Union found that three quarters of people believe that banks are already too powerful and shouldn’t be allowed to get any bigger.
 
Over half the respondents think the Government should stand up for working families and stop bank mergers.
 
“The results of this and other surveys are indisputable. The Australian public wants their government and regulators to stop takeovers and to increase competition, not allow markets to become concentrated even further then try and fix the problems with consumer websites.”

The research also found that:
 
-      86 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
-      an 81 per cent of people do not trust banks to do the right thing.
 
ENDS
 
Spokesperson: Leon Carter 0409 946 597
Media:       Gemma Swart 0414 873 291