The House Standing Committee on Economics has released its report on Australia’s four major banks, concluding a series of annual public hearings throughout the 47th Parliament with executives from CBA, Westpac, ANZ and NAB. These hearings are a key part of the Committee’s long-standing role in scrutinising the major banks, a practice upheld since the 45th Parliament.

Media release issue date: Thursday, 20 February 2025

The House Standing Committee on Economics has released its report on Australia’s four major banks, concluding a series of annual public hearings throughout the 47th Parliament with executives from CBA, Westpac, ANZ and NAB. These hearings are a key part of the Committee’s long-standing role in scrutinising the major banks, a practice upheld since the 45th Parliament.   Chair of the Committee, Dr Daniel Mulino MP, said ‘the banks play a critical role in the economy and in the daily lives of Australians. Households and businesses have faced inflation, a sustained period of rising interest rates, and cost of living pressures. Mindful of this, the Committee focused on how the banks are safeguarding both their institutions and the customers who rely on them.’   The report highlights the significant influence of banks across many aspects of the economy and the importance of rigorous scrutiny to ensure transparency, accountability and responsible banking practices. It details key discussions on: the financial position of households and businesses amid ongoing economic pressures, as observed by the banks the adequacy of the banks’ efforts to combat scams and protect consumers, particularly in the evolving social media landscape the decline of cash services and concerning trends on branch closures, and whether the banks are properly supporting Bank@Post as an alternative the evolving payments landscape, including concerns over surcharging on card payments at a time where the cost of living is elevated, and the banks’ influence in this space the banks’ perspectives on housing affordability and supply challenges, and the banks’ commitments to environmental, social, and governance initiatives and their progress in meeting these responsibilities. The Committee also raised concerns about bank culture and conduct, noting that despite progress made since the Financial Services (Hayne) Royal Commission more than five years ago, serious issues persist.   Dr Mulino said, ‘the Committee remains concerned about ongoing cultural and governance challenges within the banks. Recent developments—such as the increase in variable bonus caps for lenders and ASIC’s investigation into alleged misconduct by ANZ—demonstrate that parliamentary scrutiny of bank conduct remains essential.’   Further information on the inquiry as well as a copy of the report can be obtained from the inquiry website. Media enquiries Alice Ryan, Media Adviser Office of Dr Daniel Mulino MP, Chair alice.ryan@aph.gov.au Mobile: 0400 263 059 Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au https://aph.gov.au/economics For more information about this Committee, you can visit its website: www.aph.gov.au/economics. On the site, you can make a submission to an inquiry, read other submissions, and get details for upcoming public hearings. You can also track the Committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right-hand corner of the page.

The CEOs of Australia’s four major banks (ANZ, Commonwealth Bank, National Australia Bank and Westpac) will appear before the House Standing Committee on Economics in Canberra on 29 and 30 August 2024 for its Review of Australia’s four major banks.

Media release issue date: Monday, 26 August 2024

The CEOs of Australia’s four major banks (ANZ, Commonwealth Bank, National Australia Bank and Westpac) will appear before the House Standing Committee on Economics in Canberra on 29 and 30 August 2024 for its Review of Australia’s four major banks. Committee Chair Dr Daniel Mulino MP said it had been an eventful year for banking, from high interest rates and cost-of-living issues to huge losses from scams, allegations that ANZ manipulated the bond market, and banks playing a growing role in the green energy transition. Dr Mulino said the Committee looked forward to engaging with the major banks’ CEOs on these and other issues. He said the Committee’s scrutiny was timely, with most major banks at odds with the Reserve Bank’s messaging on future interest rate moves in the midst of a cost-of-living crisis. “At our 16 August public hearing, the RBA Governor told us it is premature for commentators to be thinking about rate cuts, yet the major banks all predict an easing cycle in the near to medium term. We want to understand the reasoning.” Dr Mulino said the Committee would also ask how banks can better protect customers from increasingly sophisticated scams. “Australians lost $2.7 billion to scams last year, with a marked increase in scams from social media. “The banks are obviously not the only powerful corporations in this space, but they are incredibly important—and many people are rightly calling on them to do more to protect vulnerable customers.” Dr Mulino also said the Committee was very concerned by recent allegations of misconduct by ANZ. “The Hayne Royal Commission was a watershed moment in terms of resetting expectations about ethical conduct by banks,” he said. “One of our core roles since the Hayne Royal Commission has been regular public scrutiny of the banks through these hearings to discourage ethical backsliding, and the allegations against ANZ are obviously extremely serious.” Programs for the hearings and more details about the inquiries are available on the Committee’s website. Public hearing details Date: Thursday 29 August 2024 Time: 9.15 am to 5.00 pm AEST Banks: CBA and Westpac Location: Main Committee Room, Parliament House, Canberra Date: Friday 30 August 2024 Time: 9.15 am to 5.00 pm AEST Banks: NAB and ANZ Location: Main Committee Room, Parliament House, Canberra The public hearings can be viewed on demand, or via live YouTube feeds, at https://www.aph.gov.au/live. Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au For more information about this committee, visit its website. On the site, you can read submissions, and get details for upcoming public hearings. You can also track the committee and receive email updates by clicking on the blue ‘Track Committee’ button in the bottom right-hand side of the page.

The CEOs of Australia’s four major banks (ANZ, Commonwealth Bank, National Australia Bank and Westpac) will appear before the House Standing Committee on Economics in Canberra this week on 12 and 13 July, their first appearance before the committee in the 47th Parliament.

Media release issue date: Tuesday, 11 July 2023

The CEOs of Australia’s four major banks (ANZ, Commonwealth Bank, National Australia Bank and Westpac) will appear before the House Standing Committee on Economics in Canberra this week on 12 and 13 July, their first appearance before the committee in the 47th Parliament. “These public hearings are a timely opportunity to once again put a spotlight on the Big Four,” Committee Chair, Dr Daniel Mulino MP, said. “Australian households and small businesses depend on these banks for general banking, mortgages, and business loans. It is crucial that our banks are resilient, but also competitive, given that the Big 4 banks control some 80% of the market.” “Furthermore, in a year that has been characterised by rising interest rates, bank closures, and increasingly sophisticated scams, the committee will examine the measures the banks have taken to protect their institutions and their customers,” Dr Mulino said. “For example, there are varying approaches among the Big 4 to tackling scams, so it will be a good opportunity to quiz the banks on this issue and what plans are afoot to protect people from ever more targeted scams.” The hearing follows the committee’s recent engagement with customer owned banks, and medium-sized and regional banks, about the challenges they face, their philosophy of customer service, and how they perceive their responsibilities to the community. The two days of public hearings will cover matters relevant to both the committee’s Review of Australia’s four major banks and its Inquiry into promoting economic dynamism, competition and business formation. “Given that the hearings also cover the inquiry into competition, the committee will investigate all relevant issues, including market concentration and barriers to entry,” Dr Mulino said. The programs and more details about the inquiries are available on the committee’s website. Public hearing details Date: Wednesday 12 July 2023 Time: 9.15 am to 5.00 pm AEST Banks: ANZ and NAB Location: Committee Room 2R1, Parliament House, Canberra Date: Thursday 13 July 2023 Time: 9.15 am to 5.00 pm AEST Banks: CBA and Westpac Location: Committee Room 2R1, Parliament House, Canberra The public hearings will be broadcast live at aph.gov.au/live. Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au For more information about this committee, visit its website. On the site, you can read submissions, and get details for upcoming public hearings. You can also track the committee and receive email updates by clicking on the blue ‘Track this Committee’ button in the bottom right-hand side of the page.

Scrutiny of Australia’s four major banks (Commonwealth Bank, ANZ, National Australia Bank and Westpac) will continue, with the House Standing Committee on Economics to hold public hearings at least annually with bank executives.

Media release issue date: Sunday, 12 February 2023

Scrutiny of Australia’s four major banks (Commonwealth Bank, ANZ, National Australia Bank and Westpac) will continue, with the House Standing Committee on Economics to hold public hearings at least annually with bank executives. Dr Daniel Mulino MP, the chair of the committee, said that given the banks’ key role in the functioning of the economy, ongoing scrutiny was vital. ‘The Financial Services (Hayne) Royal Commission, which reported in 2019, showed that far too often the banks did not live up to the trust that Australians placed in them.’ The committee will consider a number of consumer protection issues, including: The financial position of borrowers and areas of potential vulnerability Interest rates paid on deposits and loans Ongoing implementation of recommendations from the Financial Services Royal Commission, and Actions to protect customers from scams. Other matters that will be raised include: Supporting the flow of credit, including to small businesses Operational performance, and Responses to climate change and supporting Australia’s progress towards climate and other sustainability goals. ‘And when it comes to scams, with evidence showing that Australians lost more than $2 billion to scams in 2021, a record amount, we need to hear what extra consumer protection the banks are planning.’   Dr Mulino said the government continued to work on implementing the recommendations of the Hayne Royal Commission and that the committee was keen to hear from the banks on their responses.   The banks will also face scrutiny by a parallel inquiry into competition to be held by the Economics Standing Committee. The inquiry into promoting economic dynamism, competition, and business formation will examine how healthy competition can enhance the wellbeing of Australians. The terms of reference for the hearings into the Big 4 banks are available on the committee’s website. Information about public hearings will be made available in due course. The committee will not be seeking or accepting submissions for this inquiry. Media inquiries Dr Daniel Mulino MP Electorate: (03) 9070 1974 Parliament: (02) 6277 4311 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au www.aph.gov.au/economics