Shadow Treasurer Joe Hockey’s calls for tighter regulation on Australia’s banks, have borne fruit.

The Senate has announced an inquiry into competition in the banking sector less than a day after the ANZ announced a record five point one billion dollar profit for the past year.

Briony Skinner reports.

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The profit represents a fifty-two per cent rise for the bank and follows equally large figures posted by the Commonwealth and National Australia Banks.

Nick Xenophon- Independent Senator: “These sorts of profits are out of kilter, I think.”

The Coalition and Independent senator Nick Xenophon joined forces in calling for a Senate inquiry into the banking sector.

They say the major banks are just ripping off consumers, with talks of a rate rise on top of the Reserve Bank’s decision.

Kevin Andrews, Liberal Frontbencher: “Big profits on one hand and this price signalling on the other are just two things that don’t make sense to ordinary Australians.”

ANZ’s CEO has hit back, labelling Mr Hockey’s claims as “pure populism”.

Meanwhile, Liberal Education Spokesman Christopher Pyne has failed to appear in parliament to support his own private member’s bill.

The Coalition was campaigning for a judicial inquiry into Labor’s sixteen point two billion dollar schools building program.

Anthony Albanese, House leader: “This shows that their BER campaign has no substance- it’s all about stunts.”

The government, however, is prepared to allow another vote on Mr Pyne’s bill.

Briony Skinner, QUT News.