Since the House of Representatives Standing Committee on Economics commenced its inquiry into Australia’s four major banks in October 2016, the Government has announced significant reforms to the banking and financial sector to implement the committee’s recommendations.
In the 2017 Budget, the Treasurer announced the Government would be broadly adopting nine of the committee's 10 recommendations for banking sector reform. These recommendations include putting in place a one-stop shop for consumer complaints, the Australian Financial Complaints Authority (AFCA); a regulated Banking Executive Accountability Regime (BEAR); and, new powers and resources for the Australian Competition and Consumer Commission (ACCC) to investigate competition issues in the setting of interest rates. The government also adopted the committee's recommendations in relation to establishing an open data regime and changing the regulatory requirement for bank start-ups in order to encourage more competition in the sector.
In October 2017, the four major banks appeared before the committee in the third round of public hearings.
The other three reports can be found here: