Swan opens Credit Union account

Federal Treasurer Wayne Swan has put his money where his mouth is on the big four banks - opening an account with a credit union. The symbolic switch came just days before his government released major plans to ‘promote a competitive and sustainable banking system to give every Australian a fairer go.’

Mr Swan said the ‘four major banks need to understand Australians will shop around if they feel they can get a better deal’ and backed up this belief by becoming a member of a credit union in his Brisbane electorate of Toombul.

It’s a very welcome sign to see one of the leaders of our federal government becoming a member of the credit union and building society community. Swan’s public show of support for the mutual sector has become more vocal over recent months with the Treasurer commenting recently:

‘I want to say credit unions generally, our regional banks generally and our building societies generally are safe and they are competitive. There are alternatives in our system and if you’re not happy with your financial institution then shop around’

If you would like more information on how the Treasurer and his government are attempting to bring competition to the mutual market you can take a look at his recent press release here.