The Finance and Expenditure Committee has released its plans for the parliamentary inquiry into banking competition, along with the written submissions received on the inquiry so far.

Public hearings on the inquiry are set to kick off next week on Wednesday, 23 October.

The committee has hearings scheduled with all the major banks—including the Australian-owned “Big 4” and the main New Zealand-owned banks—over the remainder of 2024. The schedule of hearings is appended to this media release as Appendix 1. Please note that the schedule is subject to change at short notice, particularly if the House of Representatives sits under urgency. Up to date information for the week ahead can be found on the Parliament website (see links at end).

The committee received over 140 written submissions in response to its call for public submissions. Written submissions have been published online and are available on the Parliament website (see links at end). Over 60 submitters have asked to speak to the committee at public hearings.

The committee intends to progress hearings with all submitters—including organisations and individual members of the public—in 2024. Submitters will be contacted in the coming weeks to schedule their time with the committee. We intend to organise one hearing focused particularly on rural communities and agricultural lending. Once the schedule of hearings has been finalised, we intend to publish the schedule via a further media release.

The committee has invited members of the Primary Production Committee to attend all hearings. The Primary Production Committee has a particular interest in the relationship between rural bank lending and banking competition. We look forward to working with our colleagues from that committee over the course of our inquiry.

The committee intends to consider the overall timetable for completing the inquiry once hearings have been completed.

The committee also intends to consider whether it is necessary to invite targeted written cross-submissions once hearings have been completed.

LINKS

• Terms of reference for Inquiry into banking competition

• Public written submissions on Inquiry into banking competition

• Schedule of Meetings page on the Parliament website (up-to-date information about plans for select committee meetings in the week ahead)

• Submitters List page on the Parliament website (up-to-date information about submitters scheduled to appear before select committees in the week ahead)

Appendix 1—Schedule of confirmed hearings as at Wednesday, 16 October 2024 Inquiry into banking competition

© Scoop Media