This Second Report into Australia’s four major banks follows the publication of the Committee’s First Report on 24 November 2016. It draws on the March 2017 public hearings held by the Committee with the Chief Executives of each of the four major banks. The March public hearings provided the Committee with an opportunity to scrutinise the banks over their response to the Recommendations of the Committee’s November Report. The Committee also scrutinised the banks on the Carnell Report’s Recommendation into the use of non-monetary default clauses in small business loans.
The Committee’s second round of hearings has confirmed that the Recommendations of the First Report should be implemented now in order to improve the Australian banking sector for the benefit of customers. The Committee reaffirms each Recommendation from the First Report. While the Committee is open to some modest variations to the Recommendations, it affirms the substance of each of them.
The other three reports can be found here: