House of Representatives Standing Committee on Economics
Chair: Tim Wilson MP
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.
