Australia Post 'will not become a people's bank'

Friday 23 April 2010

Article by Mozo

Australia Post’s chief executive has quelled speculation that it is set to become a "people’s bank" that will sell government-backed financial services.

Ahmed Fahour told the Herald Sun that there are currently no plans for Australia Post to sell savings accounts or home loans.

"It’s not the government’s policy at this stage and it’s certainly not my priority," he said. Financial services offered by post offices are limited to currency exchange, bill paying and insurance services at present.

The denial came as Mr Fahour said the company was keen to add to the government services it offers such as passport applications.

He added he wanted to leverage Australia Post’s "great distribution network" to improve access to state and federal government services.

The news may interest Aussies who choose to compare savings accounts in search of the best options. Peter Arnold, a financial analyst with Canstar Cannex, recently told the Sydney Morning Herald that for the majority of people who want high interest rates with no fees "an online savings account is going to be the way to go".

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