The raw survey data was then tabulated by the Australia Institute. According to its analysis, it showed Australians remain deeply sceptical about claims by the big four banks to be model corporate citizens, with six in 10 voters or 59 per cent, saying that the banks had been massively profitable and yet remained dishonest about scandals which were only public after being unveiled by whistleblowers. The Prime Minister and Premier at the opening of the Redcliffe Peninsula line last October. Credit:Cameron Atfield The Australia Institute's executive director, Ben Oquist, said the major banks - CBA, NAB, ANZ, Westpac - were the beneficiaries of an implied guarantee from taxpayers because they are regarded by Canberra as too big to fail. This enables them to raise capital funds on the international wholesale market at lower cost. "Our research finds that Australian banks are the most profitable in the OECD," he said. "Bank profits as a percentage of GDP represent a staggering 2.9 per cent of GDP in Australia. Such super-high profits represent a drag on the economy as consumers and small business pay more than they would if competition was working effectively," he said.

"Alongside these profits, the RBA has found that the loan guarantee being enjoyed by the banks equates to an effective subsidy from the Commonwealth of up to $4 billion a year. Ben Oquist, executive director of the Australia Institute. Credit:Karleen Minney "Beyond any inquiry, parliamentary hearing, or royal commission, if Australia is to have a competitive, fair banking sector that is good for consumers and the economy, we are going to have to discuss new regulation and government intervention." The survey comes as chief executives travel to Canberra this week to answer questions before the House of Representatives Economics Committee.

The annual hearings, an initiative unveiled by Mr Turnbull on August 4, followed a difficult election campaign in which opposition leader Bill Shorten made serious inroads into Coalition support with his strident calls for a royal commission into banking practices. Speaking ahead of the first-up appearance by the Commonwealth's Bank's Ian Narev on Tuesday, Mr Turnbull emphasised the power of public exposure to influence bank practices, calling the hearings "very important". "You have to remember, this will be the first of what I expect to be many years of the Economics Committee hearing from the banks. It won't be a one-off hearing," he said. "It is very important to have a change to the culture of accountability . . . this will be a very important way of ensuring greater accountability. It will give the banks the opportunity to explain their position, just as the Reserve Bank of Australia does before that same committee." Mr Shorten had cited widespread customer dissatisfaction arising from high credit card interest rates and other fees, refusals to pass on cash rate cuts in full to borrowers, and a slew of scandals within the banks' commercially aggressive financial planning and insurance operations.

Labor continues to hammer the issue, and even Coalition supporters apparently believe there is a case for a royal commission, with 62 per cent in favour of the probe and just 25 per cent against it. Across all voting groups, males tend to back the royal commission more strongly than females at 70 per cent to 65 per cent. The strongest support for the royal commission is in the household income group earning between $80,000-$150,000 per year. Mr Oquist said a dedicated inquiry was a matter of simple prudence.

"Given that so much of Australian savings are tied up in the banks - either as deposits or through shares owned by super funds - we cannot be too careful. Banks are too important to have even the notion impropriety linger. Much better to have the strongest possible inquiry and government oversight," he said. Among a plethora of harsh bank critics is the union representing most financial sector employees. Loading "Customers and employees want a strong and resilient banking sector because that's good for the community and the Australian economy," said Finance Sector Union acting secretary, Geoff Derrick.

"But that will take a lot more than this Coalition-dominated committee has on offer."