Big 4 banks grilled by House Economics Committee this Thursday and Friday

With the Australian comeback underway, executives from Australia’s four major banks will appear before the House Economics Committee at public hearings on Thursday and Friday this week to discuss their response to the pandemic, the direction of the housing market, small business lending, and their progress implementing the Hayne Royal Commission recommendations.

Chair of the House of Representatives Economics Committee, Tim Wilson MP, explained that ‘with the phasing out of taxpayer-funded COVID-19 support and mortgage deferrals, we are keen to hear what the initial data is showing on the recovery of the economy and household balance sheets’.

‘Surging property prices, fuelled by historically low interest rates, have left many Australian first home buyers high and dry. Many young families are forced to save larger deposits while also paying increasingly higher rents. The committee will discuss the role of banks in empowering hard-working Australians to purchase property and invest in their future.’ Mr Wilson said.

The hearings will also examine the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

‘It is disappointing that compliance issues regarding unconscionable conduct and misrepresentations over fees continue to come to light. These behaviours erode the community’s trust in financial institutions. These hearings give the committee an opportunity to follow up on how they can be prevented in the future so that the industry can regain the community’s trust.’ Mr Wilson said.

For more information about the hearings, or to read transcripts from previous hearings, you can visit the committee’s website.

Public hearing details

Date: Thursday, 15 April 2021

Time: 9.15 am to 4.15 pm

Witnesses: CBA, Westpac

Date: Friday, 16 April 2021

Time: 9.15 am to 4.15 pm

Witnesses: NAB, ANZ

Due to health and safety concerns relating to the COVID-19 pandemic, this hearing is not currently scheduled to be open for public attendance. Interested members of the public will be able to view proceedings via the live webcast at aph.gov.au/live.

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