The chief executives of Australia’s four major banks have been warned to “show some humility” when politicians grill them this week.
Opposition Leader Bill Shorten says the banking royal commission has exposed bad behaviour and executives should apologise for fighting against it.
The House of Representatives committee on economics will question the heads of Commonwealth Bank, Westpac, ANZ and NAB in Canberra on Thursday and Friday, with a third hearing day to be held next week.
Committee chair and Liberal MP Tim Wilson says the hearings will be an important opportunity to consider how to ensure appalling behaviour is not repeated among the banks, without taking away from their essential role in the economy.
Mr Shorten says Australians want to see some contrition from banks after shocking revelations of wrongdoing from the royal commission.
“I think the big bank executives do need to show some humility,” he told reporters in Melbourne on Monday.
“I do think the big banking executives need to explain what they’re going to do to reform their remuneration system.
“One of the problems in banking in Australia is that greed has triumphed over everything else. There is too much about the profit motive.”
Mr Shorten said contrition was needed from the banks “for having ripped off tens of thousands of people by literally millions of dollars”.