4 February 2019
The Australian banking industry acknowledges the rigour and diligence that Commissioner Hayne and his team have brought to this task.
The industry thanks all those customers who brought their personal experiences to the Commission – it is their courage underpinning this report.
This Commission has put the entire banking sector under the microscope. And this Final Report lays bare how banks have failed their customers and let down the Australian public.
Banks understand these failures have caused deep hurt, suffering and heartache for far too many customers and are sorry for the pain they have caused.
Banks accept full responsibility for these failings and know that they must now change to ensure this never happens again.
Banks are determined to learn the lessons, fix the problems and make it right.
Australians expect better from their banks and they deserve better.
This Report contains some very tough medicine for banks, including potential court cases.
The industry has already formed a Taskforce to begin the work that will be needed to get this job done.
This report is a roadmap for the industry to drive the change needed to earn back the trust of the Australian people.
This is an opportunity for banks to reset their relationship with customers and the public and they are determined not to miss it.
The industry understands that many people are cynical about whether banks will really change, but don’t judge us by our words, judge us by our actions.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
Australian banks are rolling out disaster support to customers affected by the current bushfires in Victoria. ABA CEO Simon Birmingham said banks were continuing to monitor the evolving situation across Victoria and are on standby to assist impacted customers. “This is an extremely challenging time for many Victorian communities, households and businesses,” Mr Birmingham said. “There are now special arrangements in place for those who may need additional financial assistance from their bank in the coming days, weeks and months. “Banks have highly… Read more »
Banks stand ready to support customers in north and north-west Queensland currently experiencing heavy rainfall and flooding. ABA CEO Simon Birmingham said customers didn’t have to tough it out on their own with banks on standby to assist communities get through this challenging time. “Banks recognise the significant financial and emotional toll an extreme weather… Read more »
The ABA acknowledges the release of the 2025-26 Mid-Year Economic and Fiscal Outlook. The Government’s forecasted $8.4 billion reduction in the deficit over the forward estimates including a $5.4 billion reduction for year’s deficit is welcome. Lower deficits and claimed savings of $20 billion over the next four years is a beginning towards ensuring our national finances are on a more sustainable footing. While this Budget update contains lower forecasts of spending as a share of GDP, the ABA notes the importance of ongoing spending restraint to help reduce inflationary and interest rate pressures. Banks… Read more »