国际英语新闻：Australia's four big banks show no signs of buckling

SYDNEY, Dec. 7 (Xinhua) -- Australia's four big banks are showing no signs of buckling, despite intense public and government pressure after the Reserve Bank of Australia (RBA) left the banks further isolated by keeping a lid on Australia's interest rate at a meeting in Sydney on Tuesday.

The RBA has raised interest rates seven times since October last year, with the banks following suit in spades. But while Australia may be speeding up its economic stimulus exit strategy, borrowers are being squeezed from both the residual impact of the global financial crisis and what are now seen as profiteering key lendersnamely the four-pillars of the nation's banking system.

With record profits and lending rate hikes above those determined by the RBA, the big four banks including The Commonwealth Bank, The ANZ bank, Westpac and the National Australian Bank (NAB) are facing a public relations battleground.

The last round of interest rate rises beyond the Reserve Bank added 1.2 billion AU dollars (1.18 billion U.S. dollars) to the big four banks' profits, according to analysis by The Australia Institute.

Senior Research Fellow at The Australia Institute David Richardson said the excessive market power of the big four banks allowed them to operate much as a monopoly would.

"There is no doubt that these banks are exploiting their market power to gouge excessive profits from their customers," said Richardson.

Choice, Australia's highly influential consumer advocate group, called upon Australians on Monday to walk away from the main four banks and actively seek better rates of lending elsewhere.

Supported by Australian Treasurer Wayne Swan, the highly respected consumer group launched a new free section on its website to allow Australian bank customers to compare bank rates and "switch or ditch" a direct call to abandon the big four banks.

The groundbreaking site allows individuals and businesses to compare fees and interest rates from all the banks, credit unions, building societies and other non-bank lenders who have traditionally been existing off the crumbs of the big four's financial banquet.

Choice's Better Banking campaign director, Richard Lloyd, told the media Australian consumers"did not have to wait for banking reform to get a better deal."

Meanwhile, Treasurer Wayne Swan backed Choice's new Compare, Switch and Ditch project, calling for borrowers to switch to credit unions. "I'd encourage every Australian family to check out the range of products on offer and compare them to the big banks," he said during this week's economic address.

With the federal government due on Wednesday to implement policy reforms designed to increase competition, experts including Andrew Crawford from Batir Wealth are expecting the big four banks to keep a low profile in the leading up to the Christmas holiday season.

"They are up against a wall of public opinion, but while profits are so fat and shareholders are cheering, I would imagine their response to be muted,"he told Xinhua.

"It's a no win situation (for the big four banks) on the PR front, but when it comes to profits - they've already won," Crawfor added.