ANZ could stop making political donations

The ANZ board is considering whether it will continue to donate millions to the two major political parties.

Chief executive Shayne Elliott told a parliamentary hearing ANZ justified previous donations to the Labor and Liberal parties as a way of supporting the nation's democratic process, and not as investments.

"We are having discussions at our board about the role of political donations and what our position is on that," he told the hearing in Canberra on Wednesday.