This election, better banking is an issue that many Australians care about. Customers and staff are fed up with the repeated actions of the big four banks that see:
- unfair fee charges
- exceeding RBA movements when it comes to passing on rate rises
- continued risky behaviour and short-term sales targets that pressure both staff and customers already burdened by debt.
The time is ripe for banks to become more accountable in the services they provide. Out of the global financial crisis the impetus to reform and regulate against risky profit-driven behaviour has been debated with fires still burning in Greece and other parts of Europe. Back home we have seen a class action to regain unfair fee charges from the banks and the strong support from public and workers for the Better Banking charter.
We in Australia can make a difference this election to alert both sides of politics to the need to implement banking reform.
The Finance Sector Union has begun campaigning in the Australian federal election campaign, seeking the support from the major parties (ALP, Liberals and Greens) and their candidates for our Charter for Better Banking.
Already a number of candidates and sitting Members of Parliament have pledged their support, and FSU is continuing to hold discussions with candidates and the community about the need for better banking. In some electorates, delegations of finance sector workers are meeting the candidates to talk about their experiences first-hand.
Last week, we were in South Australia, where workers from Westpac and BT had an opportunity to meet the Member for the seat of Kingston and the Labor candidate for the seat of Boothby, both of whom pledged their support for the Better Banking charter.
Labor candidate for Boothby Annabel Digance pledges support for the Better Banking Charter
Adoption of the Better Banking charter is important to workers in the Bedford Park area of South Australia because the kind of work they do, is exactly the sort of work the big banks have a history of sending off-shore.
These workers are engaged behind-the-scenes, processing sensitive personal data, such as loan and credit card applications, and superannuation administration. This means if your bank makes a decision to send processing roles off-shore, your sensitive financial information heads out of the country along with their jobs.
The Better Banking charter aims to protect your data, by calling for an end to off-shoring Australian finance jobs. If the jobs stay here, your data stays here. This part of the charter was supported by 90% of the public and 93% of bank workers in our recent Better Banking survey.
With public support for the Better Banking charter at such high levels, it’s not surprising that candidates are pledging their support. You can check the list of pledges received so far, here: http://better-banking.org/pledges/
If you can’t see your electorate represented, why not contact your local candidates and ask them to support the Better Banking charter? You can do so by filling out the letter on the better banking website.
Leon Carter, FSU National Secretary
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