Proponents of the Big Six banks' current deposit practices argue that their dominant market position allows them to offer stability and a wide range of services to consumers. They contend that the low interest rates on deposits are a reflection of the banks' ability to attract and retain customers without the need for high rates. This stability is seen as beneficial for the overall economy, as it ensures a steady flow of funds for lending and investment.
Additionally, supporters point out that these banks are heavily regulated, which ensures that they operate in a manner that is in the best interest of consumers. They argue that the existing system provides a balance between consumer protection and the banks' ability to operate profitably.
In this view, the current deposit rates are a natural outcome of the banks' market dominance and the regulatory environment, and there is no immediate need for change.