Australia’s largest banks are facing intense parliamentary scrutiny as the government examines past misconduct, employment practices, and customer protections. ANZ’s new chief executive, Nuno Matos, publicly apologised to a parliamentary committee for the bank’s historic failings, which resulted in a record $240 million fine affecting 65,000 retail customers.
The fine, the largest in Australian regulatory history, was imposed following an investigation by the Australian Securities and Investments Commission (ASIC) that uncovered widespread mismanagement, including the mishandling of a federal government bond sale that potentially cost taxpayers millions. Although the fine has been agreed upon, federal court approval is still required.
In his opening remarks to the House of Representatives Standing Committee on Economics, Matos offered an unreserved apology. “The bank fell short of what is expected of us, and for that I offer an apology,” he said. Matos emphasised that leadership changes have been implemented to reshape the bank’s culture and governance. He personally oversees the management of non-financial risks to ensure accountability and prevent future lapses.
Committee chair Ed Husic questioned whether ordinary customers could trust ANZ not to repeat similar misconduct. Matos acknowledged the bank’s past failures as “unacceptable” and outlined ongoing reforms aimed at strengthening governance and organisational culture, noting that the process would take years.
The hearing also focused on employment impacts. In September, ANZ announced plans to cut 3,500 staff and 1,000 contractors — roughly 10% of its workforce — in an effort to simplify operations. Husic highlighted the public perception that executives faced minimal consequences compared to ordinary staff. Matos responded that most executives responsible for past misconduct have already left the company.
Following appearances by Commonwealth Bank and Westpac earlier this week, ANZ and NAB executives are expected to answer further questions on interest rates, fees, scam protections, and previous corporate misconduct. The parliamentary hearings reflect growing political and public scrutiny of Australia’s banking sector amid ongoing concerns over corporate accountability and consumer protection.
