Australians plan to work longer, with a significant proportion intending to work into their 70s. The Australian Bureau of Statistics has released a survey of retirement intentions, which shows that 71 per cent of people plan to retire at age 65 or older - up from 66 per cent in the last survey of retirement intentions in 2013. Twenty-three per cent of people aged 45 and over intend to retire at 70 or older, compared with only eight per cent a decade ago. The most common issue influencing the retirement decision is "financial security", followed by health. Banks are likely to compete more to attract deposits as a result of the recent jump in wholesale funding costs and looming regulatory changes, according to Suncorp, Australia's fifth-largest retail bank. The chief executive of Suncorp's banking and wealth arm, John Nesbitt, told Business Day there were already signs banks were more focused on attracting deposits, with some term deposit interest rates edging up, bond markets charging banks a premium and the cost of issuing RMBS also edging upwards.