Westpac Banking : Statement on Royal Commission

30 November, 2017

Westpac Chief Executive Officer, Mr Brian Hartzer, said today that Westpac, along with other major banks, accepts the Royal Commission the Federal Government has announced today.

'While Westpac has consistently argued and continues to believe that a Royal Commission is not necessary, in the current circumstances it is now more important that the financial sector can continue to operate effectively and with certainty. As a result, we have concluded that it is in the sector's and Australia's interests that a properly constituted Royal Commission is established to finally end the political distractions.

'Given the raft of inquiries over the past 10 years, it is best for Australia that this Royal Commission is comprehensive and covers the entire financial services industry, including insurance, superannuation and the financial advice sectors as well as banks.

'We acknowledge the genuine community concern. Westpac has largely implemented the initiatives under the ABA's six point plan. We have also introduced a number of customer initiatives including a low rate credit card, the abolition of sales incentives for tellers and our 'get it right, put it right' program which is addressing any product or process issues that have adversely impacted customers.

'These measures mean that action is being taken now rather than in some distant future. It is about doing the right thing by our customers.

'However, the financial services sector is too important to leave to being a political football. As a result we will fully cooperate with the Royal Commission that has been announced today,' Mr Hartzer said.

For Further Information:

David Lording

Corporate Affairs & Sustainability

T. 0419 683 411

Lucy Wilson

Corporate Affairs & Sustainability

T. 0428 777 704