Bank fees predicted to rise over $5 billion for Australian banks
Thursday March 5, 2009
Australian bank fees are expected surpass $5 billion during 2009, putting Australian bank fees the highest of the western world. A recent report found that Australian bank fees were approximately $1000 per year while both the UK and the US recorded less with $749 and $850 respectively. As a percentage, this means bank customers in Australia pay 22 per cent and 11 per cent more per year.
The difference in bank fees between the countries has been attributed to the lack of competition in the Australian bank industry.
In 2008, Australian bank fees collected just under $5 billion from bank customers with this figure set to rise due to banks citing the rise as a move for survival against the global economic crisis.
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