Customs Bank welcomes the Turnbull Government’s decision to support increased competition in our banking system through the announcement of their intention to back all eleven recommendations of the inquiry into Reforms for Cooperatives, Mutuals and Member-owned Firms, conducted by Greg Hammond OAM.
Tony Taylor, CEO of Customs Bank commented that it was pleasing to see the positive support for the Mutual sector particularly because it will further enhance the competitiveness of the Mutual Banks and Credit Unions who already present excellent value to Australian consumers.
Mr Taylor went further to explain ‘that it’s wonderful to see such a clear recognition of the sector’s significant contribution to GDP in Australia and the important role Mutuals play in offering a real alternative model for delivering important customer and community focussed services, especially banking and financial services.’
Craig Townsend, CFO of Customs Bank commented that Customs Bank will eagerly await confirmation of the reforms. ‘We’ll be focussed on confirming the value that we can unlock from these reforms to continue to support our Members with great value products and services’
Tony Taylor commented that it was particularly satisfying to see the efforts of so many in the Mutual sector come to fruition particularly the excellent work from the Business Council of Co-Operatives and Mutuals and the Customer Owned Banking Association. “It’s clear that without the great work of BCCM and COBA we may well still be waiting for this vital support”