Association to face parliamentary scrutiny

by AB17 Feb 2017
It has been announced that the Australian Bankers’ Association (ABA) will join the four major banks at public hearings held  to review Australia’s banking and financial system.

The ABA, Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), and Westpac (WBC) will all be questioned at the public hearings, with the House of Representatives Standing Committee on Economics having set the hearings for the 3rd, 7th, and 8th of March. “These hearings provide an important mechanism to hold the banking sector to account before the Parliament,” said committee chair David Coleman.

The committee said in a statement that it will focus on:
  • domestic and international financial market developments as they relate to the Australian banking sector and how these are affecting Australia
  • developments in prudential regulation, including capital requirements, and how these are affecting the policies of Australian banks
  • the costs of funds, impacts on margins and the basis for bank pricing decisions
  • how  individual banks and the banking industry as a whole  are responding to issues previously raised in Parliamentary and other inquiries
Discussions will also include the ABA’s April 2016 six-point plan to enhance consumer protections. “As the ABA is charged with addressing numerous issues of concern to consumers, it is important that they are scrutinised by the committee,” Coleman added.

Related stories:
Major targets third party in investment lending crackdown
Home lending drives big four bank's post record profit