House Standing Committee on Economics (part 1 of 2)
17 November 2025
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House Standing Committee on Economics Australian Parliament
10:14 - 10:43
Speaker 14
We can. I'd like to, officially declare open the house representative standing committee on economics for the review of Australia's four major banks, and I'll start by acknowledging two from the lands of the Ngunnawal. And, we... I pay my respect to elders past and present and extend that respect to any aboriginal Torres Strait Islander people that are joining us today. Today, the committee will hear from the Commonwealth Bank of Australia and Westpac.
10:43 - 13:10
Speaker 17
Tomorrow, the ANZ and National Australia Bank. I send a warm welcome to the representatives of all four major banks along with members of the public and media, that are here in the room, plus those that might be following proceedings via webcast. Major banks are critical players in our nation. They help underpin the ambition of industries, companies to grow and strengthen our economy while also giving effect to the personal ambitions of everyday Australians, helping them buy their own home or backing investment in their own future well-being. Decisions of our major banks can help Australians enormously, but as times past have shown, their decisions can run counter to the interests of average Australians.
It's a big reason why these annual public hearings with the banks have continued in this new term of parliament. This decision reflects the determination to maintain one of the few public platforms providing for transparency, openness, and accountability of the biggest banks in our financial system following the conduct of the Hayne, Banking Royal Commission. The hearings also occur against backdrop of a decision by ASIC to hand down a record $240,000,000 fine for unconscionable conduct by the ANZ, and that conduct impacted on the government and nearly 65,000 banking customers. The fact that this conduct occurred about a few years after the conclusion of the banking royal commission is deeply disturbing. It underscores the need to maintain public scrutiny through mechanisms such as this ongoing committee inquiry.
The terms of reference also bring in a scope contemporary developments that might impact on the way banks work and the way that bank decisions affect customers and communities. Notably, there'll be a particular focus on the way banks use pervasive technologies such as artificial intelligence in their operations or emerging tech. In accordance with the committee's resolution of 07/31/2025, this hearing will be broadcast on the parliament's website, and the proof and official transcripts of the proceedings will be published on the website. All those present at this hearing are reminded that these are parliamentary proceedings, which must be conducted with decorum and respect. Those present are also advised that filming and recording by the media is permitted during the hearing, and I remind members of the media here with us today or listening remotely of the need to report the committee's proceedings fairly and accurately.
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