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
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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.