Perceptions of the Banking Royal Commission

Feb 13, 2019

Q. To what extent do you agree or disagree with the following statements regarding the Banking Royal Commission?   

  Strongly agree  + Somewhat agree Strongly disagree + Somewhat disagree Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don’t know
A more ethical banking sector would be good for the Australian economy 72% 6% 48% 24% 14% 3% 4% 8%
Regardless of the rules, the banks will always find a way to make money and exploit customers 71% 8% 40% 31% 14% 5% 3% 6%
Scott Morrison should not end this session of Parliament before the Government deals with all the recommendations of the Royal Commission 59% 11% 32% 26% 19% 6% 5% 11%
The banks have more power than politicians and will find a way to block meaningful reform 55% 15% 25% 30% 20% 10% 5% 10%

72% of Australians agree that a more ethical financial sector would be good for the economy, however a similar percentage (71%) also believe banks will always find a way to exploit customers and over half (54%) agree that the banks will find a way to block any meaningful reform in the sector.

  Strongly agree  + Somewhat agree Strongly disagree + Somewhat disagree Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don’t know
The Coalition never supported the Royal Commission and will do all it can to water down the recommendations 39% 17% 20% 20% 28% 10% 7% 16%
If the new regulations are too restrictive on banks it will harm the economy and we will all suffer 37% 28% 12% 25% 25% 16% 11% 10%
Since the start of the Royal Commission, I have considered moving my savings into a smaller bank or credit union 31% 32% 15% 16% 29% 17% 15% 8%

While 37% of Australians agree the economy would suffer due to too restrictive regulations, 28% disagreed with this statement.

Just under a third of Australians (31%) agree that they have considered moving their money away from bigger banks as a result of the revelations exposed in the Banking Royal Commission.

  Total
(Strongly agree + somewhat agree)
Male Female 18-34 35-54 55+
A more ethical banking sector would be good for the Australian economy 72% 72% 72% 62% 74% 78%
Regardless of the rules, the banks will always find a way to make money and exploit customers 71% 73% 70% 63% 71% 78%
Scott Morrison should not end this session of Parliament before the Government deals with all the recommendations of the Royal Commission 59% 58% 59% 48% 59% 67%
The banks have more power than politicians and will find a way to block meaningful reform 55% 56% 54% 48% 53% 63%
The Coalition never supported the Royal Commission and will do all it can to water down the recommendations 39% 44% 35% 36% 43% 38%
If the new regulations are too restrictive on banks it will harm the economy and we will all suffer 37% 39% 36% 42% 40% 31%
Since the start of the Royal Commission, I have considered moving my savings into a smaller bank or credit union 31% 34% 27% 34% 34% 25%

Males are more likely than females to agree that the Coalition never supported the Royal Commission and will attempt to minimise its impact (44% vs. 35%).

People aged 55 and over were most likely to agree that banks will always find ways to exploit customers (78%) and the banks will find a way to block meaningful reform (63%).

  Total
(Strongly agree + somewhat agree)
Labor Liberal + National Greens NET: Other
A more ethical banking sector would be good for the Australian economy 72% 74% 72% 70% 79%
Regardless of the rules, the banks will always find a way to make money and exploit customers 71% 74% 71% 67% 82%
Scott Morrison should not end this session of Parliament before the Government deals with all the recommendations of the Royal Commission 59% 63% 62% 51% 64%
The banks have more power than politicians and will find a way to block meaningful reform 55% 60% 48% 56% 69%
The Coalition never supported the Royal Commission and will do all it can to water down the recommendations 39% 58% 24% 39% 41%
If the new regulations are too restrictive on banks it will harm the economy and we will all suffer 37% 37% 46% 28% 39%
Since the start of the Royal Commission, I have considered moving my savings into a smaller bank or credit union 31% 34% 31% 33% 32%

Both Labor voters (63%) and Coalition voters (62%) have high agreement that this session of parliament should not conclude, until the recommendations of the Royal Commission are dealt with.

Coalition voters were most likely to agree that restrictions on banks could damage the economy (46%).