Westpac and ANZ to face parliamentary grilling

by AB09 Oct 2017
The House of Representatives Standing Committee on Economics is conducting further public hearings with Australia’s four major banks in October as part of its ongoing scrutiny. On 11 October 2017 in Canberra the committee will hear from Westpac and ANZ banks.

The committee’s First Report was published in November 2016, following on from the initial public hearings in October 2016. The committee affirmed the ten recommendations of its November Report in April 2017 following on from the further public hearings held in March of this year. In the May Budget, the government broadly adopted nine of the committee’s 10 tecommendations.

Recommendations adopted by the government relating to the banking sector include a one-stopshop for consumer complaints, a regulated executive accountability regime, and new powers and resources for the ACCC in investigating competition issues in the setting of interest rates.

The committee’s mandate from the government to review the banking sector is ongoing. The Chair of the committee David Coleman stated that "these hearings provide an important mechanism to hold the four major banks to account before the parliament".
Public hearing details

Wednesday, 11 October 2017 Main Committee Room Parliament House, Canberra
Westpac: 9.15am to 12.15pm Mr Brian Hartzer, CEO Mr Peter King, Chief Financial Officer
ANZ: 1.15pm to 4.15pm Mr Shayne Elliott, CEO Mr Graham Hodges, Deputy CEO Ms Alexis George, Group Executive, Wealth Australia