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28 March 2001

The Bad Old Days Of Banking Under Labor

 

ALP

March 1996

Coalition

March 2001

Mortgage interest rates *

10.5%

[18% in 1989]

7.25%

EFTPOS terminals *

107,000

320,000

Automatic Teller machines *

7200

10,800

GIRO Post *

2550

2800

Total points of access *

134,515

346,145

BPAY ^

0

$24 billion

Internet banking subscribers #

0

2,506,237

Time taken to pass on interest rate cuts *

51 days

7 days

• As at March 2001, 8.5 million Australians, or 67% of adults use EFTPOS.*

• As at March 2001, 5.6 million Australians or 49% of adults subscribe to a telephone bank service.*

Sources: * Reserve Bank, # JP Morgan Online Market Share Report, ^ BPAY