House of Representatives Standing Committee on Economics
Chair: Mr Tim Wilson MP
Australia’s four major banks will appear before the House of Representatives Standing Committee on Economics at public hearings in Sydney on Friday, 12 June and Canberra on Friday, 26 June 2020.
The Chair of the committee, Mr Tim Wilson MP, stated that ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s four major banks to account.’
Mr Wilson said ‘the committee’s scrutiny will include examining the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.’
Mr Wilson said ‘recent revelations about Westpac’s shocking compliance failings in relation to its transaction reporting system have again shaken the community’s trust in financial institutions’.
‘Given these failings and the widespread misconduct identified by the Hayne Royal Commission, it is important that the banks and other entities are held publically accountable. This will help to ensure Australia’s financial sector implements the critical reforms needed to regain the community’s trust’, Mr Wilson said.
The committee has already extended its scrutiny beyond the four major banks to smaller banks and the superannuation sector. The insurance and financial advice sectors will also be scrutinised at future hearings.
Public hearing details
Day 1
Date: Friday 12 June 2020
Time: 9.15 am to 4.15 pm
Location: Macquarie Room, NSW Parliament House, 6 Macquarie St, Sydney
9.15 am to 12.15 pm: Westpac
1.15 pm to 4.15 pm: National Australia Bank
Day 2
Date: Friday 26 June 2020
Time: 9.15 am to 4.15 pm
Location: Main Committee Room, Parliament House, Canberra
9.15 am to 12.15 pm: Commonwealth Bank of Australia
1.15 pm to 4.15 pm: ANZ Bank
The hearings will be audio cast live at aph.gov.au/live.
Media comment
Mr Tim Wilson MP
Electorate: (03) 9557 4644
Parliament: (02) 6277 2392
For background information
Please contact the committee secretariat
Phone: (02) 6277 4587
Email: economics.reps@aph.gov.au
