Bank hearings reinforce need for RC: Labor

Labor says the second round of parliamentary appearances by the big four bank bosses was inadequate and showed exactly why a royal commission is needed.

Treasurer Scott Morrison denies he cancelled a series of meetings with the big four bank chiefs. (AAP) Source: AAP

Another round of fruitless grillings of Australia's biggest bank bosses has merely reinforced the need for a royal commission, Labor says.

Westpac chief Brian Hartzer was on Wednesday the last of four chief executives to front a parliamentary committee.

Mr Hartzer, along with the heads of ANZ, NAB and the Commonwealth Bank, again rejected the idea of a major public inquiry into the industry.

Three of them also dismissed the need for further oversight by the competition watchdog.

Labor said the three days of hearings had been nothing but an exercise in diversion from the real problems facing bank customers.

"Only a royal commission will provide the scrutiny that's needed to get to the bottom of poor banking culture and provide independent recommendations to restore confidence in the banking sector," the opposition's financial services spokeswoman, Katy Gallagher, said in a statement.

The House of Representatives economics committee last year recommended establishing a new banking and financial tribunal by July 1 - an idea previously floated by the prime minister.

But the government has since flagged a "one-stop consumer complaints stop" instead.