Peter King

Fronting a House economics committee inquiry into competition in the banking industry, the heads of CBA, ANZ, Westpac and NAB insisted they weren’t unfairly setting interest rates and that competition and customer engagement in the sector have never been stronger.

Bill Evans, who will step down next year after three decades as Westpac’s chief economist, says “deeply pessimistic” consumer sentiment despite the RBA’s recent pause is a sign of further hikes ahead.