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Australian Banks to Haul in $5b in Fees

Tue, 10 March 2009 AEST

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Australian banks will collect more than $5 billion in fees in the year ahead as they aim to survive the global economic crisis, a researcher forecasts.

In its annual bank fee benchmark report, Fujistu Consulting found Australian households on average pay 22% more in bank fees than British households, and 11% more than those in the US.

The survey concluded the average Australian household pays close to $1000 in fees each year, compared to $749 in the UK and $850 in the US.

Report author Martin North estimates Australian banks collected just under $5 billion in fee income in 2008, ranking them among the most expensive in the western world.

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