Australia PM says to bring banks before house economics committee each year

[SYDNEY] Australia will bring its biggest banks before the parliament's economics committee each year to provide a full account of their affairs, Prime Minister Malcolm Turnbull said, as the government faces calls for a sweeping public inquiry into the banking system.

Mr Turnbull exhorted the banks on Wednesday for refusing to fully pass on a quarter-point cut in interest rates this week, demanding top executives appear in public and explain themselves.

"What we will do now is institutionalise regular accountability and transparency. So this will become, if you are a bank chief executive appearing before the House economics committee, part of your regular annual schedule. You'll appear at least annually," Mr Turnbull said.

REUTERS