The Government says it will act on all 19 recommendations from Parliament’s banking inquiry - and it's committed to increasing scrutiny around the banking sector.

This comes as Westpac and ANZ report significant increases in profit, prompting concern from experts.

Kent Duston from the Banking Reform Coalition says the proposed changes make good steps forward, but it's unclear how much of a difference they will make.

"I think the big issue here is that the banks simply don't care. Whatever Parliament says - we're on the back of an inquiry from the Commerce Commission, another inquiry from Parliament from the select committee...whatever it is Parliament's saying, clearly the banks aren't listening."

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