CANBERRA: The chief executives of Australia’s ‘Big Four’ banks are set to be questioned over three days this week by a parliamentary committee that could propose measures to limit the dominance of the major lenders, including imposing a new levy.
The CEOs of Commonwealth Bank of Australia CMWAY 0.36% , Australia and New Zealand Banking Group ANZBY 0.81% , National Australia Bank NAUBF 2.19% , and Westpac Banking Corp WEBNF -0.67% will each face three hours of questioning 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.
