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Article: Major banks buffeted as election campaign builds.(Commonwealth Bank, ANZ Bank Ltd., National Australia Bank, Westpac Banking Corp.)(Brief Article)
- Article from:
- Australian Banking & Finance
- Article date:
- October 17, 2001
- Author:
CopyrightCOPYRIGHT 2001 First Charlton Communications Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AUSTRALIA'S BIG FOUR BANKS will come under even greater pressure during the election campaign, with the center-left Labor party already saying self-regulation may not be enough to protect consumers.
In the past, Labor has dodged claims it wants to head back down the path of bank regulation, instead couching its policy in terms of industry consultation.
But Labor leader Kim Beazley, in his first official campaign speech ahead of the November 10 poll, came out punching, telling reporters banks will be "forced to face up to their social responsibilities."
Labor needs only a 0.8% national swing to win government, however the ruling conservative ...