Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Dastyari for that question. I totally agree: the financial systems inquiry is not the appropriate vehicle to investigate consumer complaints. We have a regulatory system in place. That regulatory system includes ASIC, which does have appropriate processes in place to deal with customer complaints.

The Senate Economics Committee inquiry did raise specific issues about the Commonwealth Bank. Those issues arose, incidentally, in the period of the previous government—2008, 2009, 2010 and beyond. What the government has said is that we want to see the Commonwealth Bank resolve any legitimate outstanding and unresolved issues. Our focus as a government has been on identifying the process most likely to deliver a satisfactory, efficient, effective and swift resolution of any legitimate outstanding and unresolved issues. Mr Ian Narev, the CEO of the Commonwealth Bank, held a press conference last week that went for some period of time. He answered a lot of questions relating to issues raised by the Senate Economics Committee inquiry. That was appropriate. He also announced the Open Advice Review Program, which, again, is appropriate. I believe that review program should be given a chance to work. It needs to be appropriately independent. It needs to be appropriately robust. What the government has said is that we will monitor how that program rolls out.

We have reserved our final judgement on all of the recommendations from the Senate Economics Committee inquiry. In particular, we are reserving our final judgement in relation to recommendation 7. But I believe that, if the Commonwealth Bank can get this right and sort out these problems, that would be the most efficient and effective way to deal with these issues.