Review of Australia's four major banks 2023-2024

The House Standing Committee on Economics has published its report into the Review of Australia's four major banks 2023-2024. 

In the report, the Committee calls on all major banks that have recently lifted their lenders’ bonus caps to reconsider these decisions, and to instead work through the ABA to achieve standardisation of remuneration arrangements across bank and nonbank lenders. The Committee notes that if the decisions are not reversed, it will expect detailed reports on the results of monitoring and risk management arrangements around lending under the raised bonus caps, and the impact of these changes on customers. 

In relation to surcharging, the Committee also notes that from the perspective of consumers, surcharging practices are inconsistent, and regulation of excessive card surcharging is ineffective.  

Additionally, the Committee highlights that in a high cost-of-living environment, it is imperative that surcharges be consistent and transparent, and that consumers should be able to predict and understand any additional costs associated with their transactions.