Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

In response to that question: the consequence of the revelations that Senator Whish-Wilson is referencing was pretty well immediate. All senators would be aware of the fact that the CEO of Westpac is stepping down, and I would be very surprised if there weren't further decisions along those lines over the coming weeks.

Clearly, there was a complete failure within Westpac to address the issues that needed to be addressed, and I think this is a very clear warning to all other banks to ensure that they have their affairs in order.