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Aussie Banks Face More Scrutiny in Turnbull Show of Strength

  • Bank executives to appear before parliamentary panel annually
  • Move follows criticism of lenders not passing on full RBA cut
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Australia’s major banks will face regular scrutiny from a parliamentary panel, Prime Minister Malcolm Turnbull said Thursday, amid growing public disquiet about the lenders’ practices.

“This is an important step, a permanent change in the regular financial calendar that will require the banks to become accountable,” Turnbull said in Sydney, as he announced that banking executives will have to appear at least once a year before a committee of lawmakers.