Australia: Parliament concerned about bank dominance

The CEOs of Commonwealth Bank of Australia, Australia and New Zealand Banking, National Australia, and Westpac Banking will each face three hours of questioning this week starting on Tuesday by a 10-member panel comprising a diverse group of Australian lawmakers.

The government introduced the annual committee hearings in August after the big banks’ move to not fully pass on interest rate cuts to mortgage customers sparked renewed criticism that they were using their market power to hurt customers.

“We will be focusing on unethical practices and raising individual cases with them to demonstrate some of these practices are continuing despite the banks’ claim they have cleaned their act up,” Labor lawmaker and committee member Matt Thistlethwaite said.

Full Content: Fortune

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