Big Four Banks
The Big Four Banks will discuss the direction of the property market. Photo – Canva.
  • CBA and Westpac appeared before the House Economics Committee today
  • The remaining two big banks, ANZ and NAB will appear before the committee tomorrow
  • Chair of the committee has expressed concerns about housing affordability

Executives from the Commonwealth Bank of Australia (CBA) and Westpac appeared before the House Economics Committee today to discuss their response to the pandemic, the direction of the housing market, small business lending, and their progress implementing the Hayne Royal Commission recommendations.

Today was the first of two public hearings, with the other two big banks, NAB and ANZ set to appear tomorrow from 9:15 am to 4:15 pm.

Chair of the House of Representatives Economics Committee, Tim Wilson MP, explained that “with the phasing out of taxpayer-funded COVID-19 support and mortgage deferrals, we are keen to hear what the initial data is showing on the recovery of the economy and household balance sheets”.

Mr Wilson in particular expressed his concern for housing affordability constraints as surging property prices fuelled by historically low interest rates have left many Australian first home buyers “high and dry”.

“Many young families are forced to save larger deposits while also paying increasingly higher rents. The committee will discuss the role of banks in empowering hard-working Australians to purchase property and invest in their future.”

Tim Wilson MP, Chair of the House of Representatives Economics Committee

The Property Tribune will follow up with a story once all the big four banks have appeared before the committee.

Interested members of the public will be able to view the proceedings via a live webcast on the Parliament of Australia news website.

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