Positive progress on the Fifth Pillar

Two of the major Australian newspapers have published recent articles regarding the strong growth and presence of the Fifth pillar in the Australian banking industry.

Infochoice.com.au spokesperson Dirk Hofman says that on pricing, credit unions and building societies – collectively known as mutuals – generally outperform the big banks in term deposits, credit cards and personal loans.¹ Read full article now.

The Treasurer, Wayne Swan, has also raised his expectations of the competition that the mutuals will have on the big banks, saying he is “determined to see a new pillar in the system” to take on Westpac, National Australia Bank, Commonwealth Bank and ANZ. View article and video now.