24/01 Big four banks satisfy, slightly
BUSINESS satisfaction with the big four banks largely stalled last month, despite three of the lenders passing on interest rate cuts to small businesses.
Overall satisfaction levels at Westpac, the Commonwealth Bank and ANZ fell slightly in the month compared with November, research by DBM Consultants found.
But Australia's biggest business lender, National Australia Bank, bucked the trend, growing support among most business segments. Medium-sized businesses - annual turnover of between $5 million and $50 million - were the exception.
DBM surveyed businesses of various sizes nationwide throughout December and found satisfaction levels mostly unchanged despite the central bank's interest rate cuts in November and December.
"Uncertain economic times put downward pressure on satisfaction. Any relief from rate cuts takes a back seat," managing director Dhruba Gupta said.
Two of the banks waited until Christmas to carry out their 25-basis point cuts to standard variable rates for small business loans.