ANZ Banking Group Ltd
(ASX:ANZ) chief executive Mike Smith says he doesn't see the need for anothe inquiry into Australia's banking system, despite growing political anger over high fees and increasing profits from lenders.
The Senate has voted to hold an inquiry into banking competition, in the wake of strong profits from some of the four big banks, including ANZ and National Australia Bank Ltd, this week.
Mr Smith has criticised shadow treasurer Joe Hockey over his calls for a shakeup of the banking industry and for the removal of the deposit guarantee on the big banks.
According to the Australian Financial Review, the inquiry will be Parliament’s seventh into banking competition in the past two years.
Yesterday ANZ posted a $4.5 billion full year profit, and in the six months to March 31, ANZ reported a $1.93 billion net profit after tax.
