Economics Committee to scrutinise the four major banks

AUSTRALIA'S four major banks will appear before the House of Representatives Standing Committee on Economics at public hearings in Sydney on Friday, June 12 and Canberra on Friday, June 26, 2020.

The chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s four major banks to account."

"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.

"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: 9.15am to 4.15pm

Location: Macquarie Room, NSW Parliament House, 6 Macquarie St, Sydney

9.15am to 12.15pm: Westpac
1.15pm to 4.15pm: National Australia Bank

Day 2

Date: Friday 26 June 2020
Time: 9.15am to 4.15pm

Location: Main Committee Room, Parliament House, Canberra

9.15am to 12.15pm:  Commonwealth Bank of Australia
1.15pm to 4.15 pm ANZ Bank

The hearings will be audio cast live at aph.gov.au/live.