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.
