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Banks quizzed over interest rates

The bosses of Westpac and Commonwealth Bank are set to be be quizzed about their interest rates and approach to helping scammed customers.

Commonwealth Bank signage is seen in Adelaide, Friday, September 14, 2018. (AAP Image/David Mariuz) NO ARCHIVING

Commonwealth Bank signage is seen in Adelaide, Friday, September 14, 2018. (AAP Image/David Mariuz) NO ARCHIVING

The federal parliament’s economics committee will hold a second day of hearings in Canberra on Thursday, having received evidence from ANZ and NAB on Wednesday.

The big four banks control about 80 per cent of the Australian market.

Treasurer Jim Chalmers said on Wednesday it was important banks passed on interest rate increases to savers as they had been raising rates for borrowers.

He said he had met bank chiefs to ensure they talk to customers facing hardship as interest rates on their loans rose.

“I’ve made sure in my conversations with the CEOs that there are the appropriate provisions in place for banks to be accommodating where they can to help people through what is a difficult time,” he said.

Committee chair Daniel Mulino wants to hear from the banks on steps they have taken to protect their institutions and their customers from the rising number of sophisticated scams.

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– AAP

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