Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing this Friday.

Media release issue date: Wednesday, 18 November 2020

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing this Friday. Committee Chair Tim Wilson says Friday’s hearing will provide an opportunity to ask questions about superannuation funds’ response to COVID-19. ‘We are continuing our scrutiny of the super sector to ensure they’re putting members and members’ interests first. The significant numbers of Australians who have accessed their super during the pandemic highlights the need for the sector to be there for Australians when they need them.’ Mr Wilson said. 'Recently our scrutiny has raised questions about bonuses above $30 million for individual fund managers from the superannuation savings of Australians, prompted ASIC investigations into potential insider trading and anti-competitive behaviour within funds.' 'Following on from our hearing on 6 November, we are looking forward to exploring these and other super related topics further, as, particularly in times like these, it is crucial that the superannuation sector is operating effectively, fairly, and to the benefit of fund members.' The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the financial sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. A full program for the hearing is available on the committee’s website. Public hearing details Date: Friday, 20 November 2020 Time: 10.30am to 5.30pm Location: Videoconference The hearings will be broadcast live at aph.gov.au/live. For 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

With the impact of COVID-19 still being felt around the country, executives from Australia’s four major banks will appear before a parliamentary committee in hearings over the next two Fridays to discuss their response to the pandemic.

Media release issue date: Wednesday, 2 September 2020

With the impact of COVID-19 still being felt around the country, executives from Australia’s four major banks will appear before a parliamentary committee in hearings over the next two Fridays to discuss their response to the pandemic. Chair of the House of Representatives Economics Committee, Tim Wilson MP, says the hearings are part of the parliament’s role in publicly scrutinising and holding Australia’s four major banks to account. ‘The Economics Committee and I are keen to discuss the banks’ response to the pandemic with the benefit of hindsight and bring forward new issues about Australia’s economic recovery,’ Mr Wilson said. ‘Since the start of the pandemic, the Australian Government has introduced a range of support measures in cooperation with the banks. It’s really important that financial institutions are held accountable and that they are treating consumers fairly during what is a difficult time for many Australians.’ ‘We are also keen to hear about the consequences of mortgage and small and medium business loan deferrals, and where there are opportunities for reform of responsible lending laws in light of the RBA Governor’s recent evidence to the committee’. In addition to COVID-19, the hearings will examine the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. ’The committee will scrutinise the banks on how they are improving their practices and rebuilding trust in the sector. In particular, the committee will question banks regarding compliance issues that have continued to come to light, such as Westpac’s compliance failings in relation to its transaction reporting system,’ Mr Wilson said. ‘Failures of this type have once again shaken the community’s trust in financial institutions, and these hearings give the committee an opportunity to follow up on how they can be prevented in the future so that the industry can regain the community’s trust.’ For more information about the hearings, or to read transcripts from previous hearings, you can visit the Committee’s website. Public hearing details Date: Friday 4 September 2020 Time: 9.15 am to 4.15 pm Witnesses: ANZ, CBA Location: Via videoconference Date: Friday 11 September 2020 Time: 9.15 am to 4.15 pm Witnesses: Westpac, NAB Location: Via videoconference The hearing will be broadcast live at aph.gov.au/live. Media enquiries Mr Tim Wilson MP Electorate: 03 9557 4644 Parliament: 02 6277 2392 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au

The House of Representatives Standing Committee on Economics has deferred its hearings with the four major banks on 12 June and 26 June until later in 2020.

Media release issue date: Friday, 27 March 2020

House of Representatives Standing Committee on Economics Chair: Tim Wilson MP The House of Representatives Standing Committee on Economics has deferred its hearings with the four major banks on 12 June and 26 June until later in 2020. The Chair of the committee, Mr Tim Wilson MP, stated that “it remains important that the banks and other entities are held publically accountable. However, the banks are fully occupied in responding to the COVID-19 pandemic. Therefore, it is prudent to defer the hearings until the situation improves. “The deferral of the hearings is dependent on the banks providing written updates on their progress with implementing measures of the Hayne Royal Commission to the committee for public release, as well as periodic updates on action they have taken in response to the COVID-19 pandemic”, Mr Wilson said. Insurance and superannuation sectors “Since the election the committee has held hearings with the four major banks, the smaller banks and the superannuation sector. It has not held them with the insurance and financial advice sectors”, Mr Wilson said. Public hearings with the insurance sector are scheduled for 28 and 29 April, although the committee will make a final decision on these hearings in early April. Hearings on the financial advice sector will be scheduled for later in 2020. “In the last round of hearings the superannuation sector dismissed the committee’s concerns about liquidity associated with the structure of their funds. Considering the super funds are now claiming liquidity issues which is inconsistent with the spirit of evidence they had previously submitted, the committee is reserving its right to hold a hearing with APRA, and the superannuation sector in the interests of financial stability”, Mr Wilson said.  Media Comment Please contact the Committee Chair 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 Website: www.aph.gov.au/economics

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.

Media release issue date: Thursday, 6 February 2020

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