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ANZ CEO admits banks have lost community trust

A Royal Commission examining the conduct of our banks is currently underway.

It will focus on whether our banks put profit ahead of customers and whether there’s enough competition in the sector.

ANZ CEO Shayne Elliott tells Ross Greenwood what he thinks about a Royal Commission.

“It is an enormous effort we’re going about. I would rather we focused our resources at ANZ on fixing problems and doing the right thing rather than talking about the past.

“But I understand the reason for it.

“We said part of the reason we’re having a Royal Commission…is because we’ve lost the community trust.”

He says the Royal Commission may reveal information the public isn’t aware of.

“There’s way more attention and focus on this today. There’ll probably be…the public will go I didn’t know about those things.”

Mr Elliott also commented on competition in the industry and whether relationships in the workplace should be regulated.

Click PLAY below for the full interview