Earlier, Westpac CEO Brian Hartzer told the House of Representatives economics committee in Canberra, ultra low interest rates will continue to impact on profitability, "even if there are not further declines in official cash rates". An analysis by consultants EY of the four major banks' results shows combined cash earnings have slumped 7.8 per cent in 2019 compared to a year earlier. While Mr Comyn and Mr Hartzer are fierce competitors in Australia's banking industry they agreed on one thing. There is still work to do restore the trust of customers after the damning findings from the royal commission earlier this year. These two banks alone have already doled out millions of dollars in remediation payments to compensate mistreated customers, and expect the bill to run into billions. "The royal commission ... has forced us to confront a number of failures where we haven't served our customers appropriately," Mr Comyn said.