Social media didn’t think much of the performance of the CEOs of Australia’s big four banks when they appeared before the House of Representatives economics committee to be grilled about interest rates and a series of scandals.
Analysis by Spredfast, a global social media marketing company, shows there was a spike in interest on social media with 10,300 mentions last week, a 91% rise from the previous week.
“As the always-on focus group, it’s been interesting to watch the country respond to this week’s big bank review on social,” says Adrian Mottershead of Spredfast Australia.
Overall, people didn’t like what was being said in the Canberra hearings, with 30% negative comments about the banks compared to 10% positive.
The Commonwealth Bank was the biggest loser, and the first bank to appear before the committee. It was mentioned the most (4,800), followed by Westpac (4,100).
Comments about the Commonwealth Bank were 44% negative with only 12% positive. Westpac did better with 18% negative and 11% positive.
The hot topics include a lack of transparency and willingness by bank chief executives to answer questions.
Often-mentioned was the Commonwealth Bank’s Ian Narev’s decision to not sign a code of ethics.
— Lilla (@Art_Lilla_Music) October 5, 2016
And credit cards:
Westpac dude: Pretty much, it's complicated – again – doesn't want to answer profit margin on Credit Cards.#TeaAndBikkiesWithTheBanks
— Cranky Pants Noely (@YaThinkN) October 6, 2016
However, the biggest spike in social media chatter during the the hearings in Canberra was when Westpac CEO Brian Hartzer revealed he had a conversation with treasurer Scott Morris about the possibility of a banking tribunal to handle all complaints against the banks.
At one stage, the number of tweets was running at almost 400 per minute.
This tweet is from the ALP’s Matt Thistlethwaite, the committee’s deputy chair.
— Matt Thistlethwaite (@MThistlethwaite) October 6, 2016
On Friday, prime minister Malcolm Turnbull confirmed a tribunal will be set up to deal with consumer complaints against banks.
Business Insider Emails & Alerts
Site highlights each day to your inbox.