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Response to Senate Inquiry into Banking (October 2010)

Commonwealth Bank statement

Thursday, 28 October 2010: Commonwealth Bank of Australia noted today’s Senate decision to initiate an Inquiry into aspects of the Australian banking sector.

The Commonwealth Bank will participate in the review to clarify a number of misconceptions about Australian banks including issues surrounding funding costs and competition in the Australian banking sector.

The Chief Executive Officer of the Commonwealth Bank, Ralph Norris, noted at this week’s annual general meeting in Sydney, “As the events and fallouts of the global financial crisis so dramatically demonstrated, a healthy, well-functioning banking system is very important to everyone.

Robust banking systems are the cornerstone of a strong economy…the relatively good performance of the Australian economy over the past two years can, in part, be attributed to the strength of our banking system.”

Mr Norris reaffirmed “to work closely with government on policy initiatives that ensure we maintain the right balance between keeping the stability of our financial system and minimising the impact upon…customers…shareholders and the Australian economy.”