THE House of Representatives Standing Committee on Economics has commenced a review of Australia’s four major banks with public hearings to be held in Canberra next week with the CEOs of ANZ, Commonwealth Bank, National Australia Bank and Westpac.

Committee Chair, Ed Husic MP, said, "These hearings play an important part in opening up to public view the way the major banks operate in Australia.

"At a time when households and businesses across the country continue to embrace digital pathways for their banking and payment services, the committee will look at how major banks are balancing the interests of their customers and stakeholders.

"The committee is keen to hear how the four banks are managing current and emerging risks, especially the threats posed by scams, fraud and new technologies," Mr Husic said.

"With banks increasingly deploying artificial intelligence and emerging technologies to transform and support their operations, the Committee has – for the first time – made these areas a specific focus within the review’s terms of reference."

Through its hearings, the committee will examine matters related to: 

• interest rates on deposits and loans, the financial position of borrowers and the role of banks in supporting the flow of credit to households and small businesses; 
• impacts of proposed changes to surcharging, interchange caps and fee transparency;
• how the banks interact with customers;
• how banks are using artificial intelligence and other emerging technologies;
• actions taken to protect customers from scams;
• service delivery and operational performance, including access to banking in regional, rural and remote areas;
• responses to climate change and support of Australia’s climate and sustainability goals; and
• the ongoing implementation of recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.  

Programs for the hearings and the full terms of reference for the inquiry are available on the committee’s webpage.  

This inquiry is not open to submissions. 

Public hearing details:

Location (both days): Committee Room 2R1, Parliament House, Canberra

Date: Tuesday 18 November 2025

Time:  9:15am to 5pm AEDT

Banks: Commonwealth Bank of Australia and Westpac Group.

Date: Wednesday 19 November 2025

Time:  9:15am to 5pm AEDT

Banks: Australia and New Zealand Banking Group Limited and National Australia Bank.

The hearings will be broadcast live at aph.gov.au/live

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THE Joint Committee of Public Accounts and Audit (JCPAA) has commenced an inquiry into the 2023-24 Commonwealth Financial Statements, which are audited each year by the Australian National Audit Office (ANAO).

This audit provides the Parliament with an independent examination of the Commonwealth’s accounts and possible financial statement risks.

Committee Chair Josh Burns MP, said, "Investigating different aspects of the Commonwealth Financial Statements Audit findings by ANAO continues to be an integral aspect of the JCPAA’s work. This inquiry provides a valuable vehicle for this Committee to further scrutinise any issues with the governance arrangements and internal control frameworks of Commonwealth entities on behalf of the Parliament."

Areas of interest to the committee include:

• legislative breaches relating to incorrect remuneration payments;
• greatly increased AI use across the Commonwealth but a lack of established internal policies governing this technology in more than one-third of entities;
• issues with the IT control environment, particularly IT security;
• the timeliness of financial statement preparation.

The inquiry will examine Auditor-General Report No. 22 of 2024-25: Audits of the Financial Statements of Australian Government Entities for the Period Ended 30 June 2024.

The committee has invited submissions to the inquiry, to be received by Friday, December 5, 2025.

Details of the inquiry – including the terms of reference and public hearings – will be made available on the Committee website.

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THE House of Representatives Standing Committee on Regional Development, Infrastructure and Transport has launched a new inquiry into the funding and financial sustainability of local governments in Australia.

Committee Chair, Fiona Phillips, said, "The committee wants to gain a deeper understanding of the financial relationship between local government and other levels of government in Australia, with a particular emphasis on funding mechanisms and fiscal sustainability."

The inquiry aims to identify how funding arrangements affect local government’s ability to deliver services and invest in local infrastructure by identifying all sources of government funding received by local governments.

The committee will also be exploring how to overcome barriers to infrastructure service delivery. It will consider trends in attracting and retaining a skilled workforce, impediments to security for local government workers and the impacts of labour hire practices.

The committee will be considering whether existing funding mechanisms are addressing the evolving responsibilities of local governments.

The committee said it welcomes submissions from interested organisations and individuals by February 3, 2026. Further information on the inquiry, including the terms of reference and how to contribute, is available on the committee’s website.

Evidence provided to the House of Representatives Standing Committee on Regional Development, Infrastructure and Transport inquiry into Local Government Sustainability of the 47^th Parliament will be considered as part of this new inquiry.

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• the Agreement between the Government of Australia and the Kingdom of Saudi Arabia relating to Air Services;
• the Agreement between the Government of Australia and the Government of the Republic of Colombia relating to Air Services; and
• the Agreement between the Government of Australia and the Government of the Republic of Peru relating to Air Services.

These agreements establish the first treaty-level air services relationships between Australia and the countries of Saudi Arabia, Colombia and Peru.

Each agreement will enable the development and operations of international air services between Australia and the respective countries. They outline provisions relating to safety, security, regulatory compliance and commercial arrangements. These Agreements will benefit Australian travellers and businesses and will expand opportunities in tourism and export sectors.

Committee Chair, Lisa Chesters MP said, “Air Services Agreements play an important role in enhancing Australia’s global connectivity. The committee found these three agreements are expected to deliver economic benefits, particularly in tourism, education and trade.”

The report can be found on the Committee website, along with further information on the inquiry.

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