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