Destructive hailstorms slash insurer firm’s bottom line
Suncorp's first-half profit has dropped 76 per cent after the insurer paid $1.3 billion in natural hazard claims, mostly related to two thunderstorms.
banking
‘Stonking result’: big bank basks in best day for years
Shares in Australia's biggest bank have soared to a three-month high after it beat earnings expectations with "a really clean set of numbers".
Bank business clients proving resilient, despite rates
One of the bright spots in Commonwealth Bank's interim results this week was its interactions with businesses, particularly in regional Australia.
AI war against ‘one cent’ family violence perpetrators
The use of artificial intelligence can be challenging for many Australians, but one major business has found ways to bring good out of the groundbreaking tech.
Trump names Kevin Warsh as next Federal Reserve chair
US President Donald Trump says he'll nominate former Federal Reserve governor Kevin Warsh to be the next Fed chair.
CBA to repay $68m in fees to low-income customers
Following a report by ASIC, the Commonwealth Bank says it's repaying $68 million to low-income customers who incurred unusually high banking fees.
‘Unconscionable’: major bank’s record fine bumped up
ANZ has been fined $250 million for widespread misconduct and systemic failures that impacted the federal government, taxpayers and thousands of customers.
EU leaders agree to joint borrowing to fund Ukraine
European Union leaders have agreed to provide a massive interest-free loan to Ukraine to meet its military and economic needs for the next two years.
‘Not ready’: investors chop down deforestation action
National Australia Bank shareholders have rejected resolutions related to deforestation, but its chairman says he has concerns about the practice.
‘No value’: bank defends dropped no-deforestation plan
Westpac's agricultural customers were clear. Its stand against deforestation is of no value, so the bank dropped plans for a forest protection policy.
Regional bank warns ‘we are living in a time of change’
A bank board has faced shareholder questions about its decision to bring in a technology solutions partner, amid widespread change in the finance sector.
‘Sad’: bank boss blasts Australia’s energy transition
The boss of one of Australia's biggest banks has excoriated the debate around net zero, saying power bills could be heavily reduced if renewables are harnessed.
Big bank boss takes swipe at surcharge ban consequences
As the Reserve Bank considers a ban on credit card surcharges, the head of the nation's biggest bank has warned of "wrong assumptions" about the payments.
CommBank shares drop despite $2.6b quarterly profit
Australia's biggest company has posted its financial results for the quarter, but despite improving on most metrics, it still looks too dear to most investors.
Bank manager denied bail over $200m fraud syndicate
A senior business bank manager is behind bars accused of playing a key role in one of Australia's biggest corporate corruption cases in recent years.
Ex-ANZ execs lose bonus millions after record fine
The former boss of ANZ and three of his executives have lost multimillion-dollar bonuses as the bank grapples with the cost of serious misconduct.
Loan defaults bad for business as NAB profit takes hit
Business lending is growing for NAB but so is the level of bad debt from that customer segment, pumping the brakes on profits at the big four bank.
ANZ cops billion-dollar profit hit amid job cut plans
ANZ's plan to offload thousands of staff has contributed to a more than $1 billion hit to its profit, with hefty fines from the regulator also having an impact.
Westpac admits dropping ball on state bank customers
Overpriced mortgage products at its state-specific subsidiaries have contributed to Westpac losing market share, despite solid growth in customer deposits.
Massive fine for home loan compliance failures
Defunct home lender RAMS has been fined $20 million by the Federal Court after admitting to widespread misconduct over a four-year period.
Bank admits ‘mistake’ over worker who lost job to AI
A woman who trained an AI chatbot that took her job has quizzed executives at Australia's biggest bank about how they will stop such a thing happening again.
Blow for borrowers as Reserve Bank curbs rate-cut hopes
Crucial economic data in coming weeks could determine when mortgage holders can expect more interest rate relief, the Reserve Bank board says.
Big bank is cutting 200 teller, personal banking roles
Westpac is cutting 200 customer-facing roles in its network but says it will try to keep as many workers as possible through retraining and redeployment.
A ‘bank in crisis’: ANZ cops record fine for misconduct
From charging dead customers to overstating trades, a big four bank has been slugged with a record penalty for widespread misconduct.
Job cuts, work sent offshore ‘a win’ for bank customers
Two of the four big banks have slashed thousands of jobs within days, with one creating roles offshore it insists will benefit customers.
‘Unhinged’: 4500 jobs to be slashed in bank restructure
A major bank's decision to cut thousands of staff has been described as "unhinged" after it recently posted a half-year cash profit of $3.6 billion.
Australia’s frustration with motor insurance grows
Australia's financial product watchdog continues to grapple with a mountain of complaints, with car insurance the leading cause of consumer consternation.
Banks forced to take action on high-fee accounts
Banks must ask themselves some 'difficult questions' following a review by ASIC, which has resulted in refunds totalling millions for low-income customers.
Consumer win in card surcharge cut as business bristles
Scrapping surcharges could save Australians about $1.2 billion, but small businesses think they will have to foot the bill.
Beyond carbon: big four banks urged to capture more gas
It is a potent greenhouse gas responsible for climate change, but a report has found Australia's major banks have yet to single out methane emissions.
ANZ shares sell-off after flat cash profit of $3.6b
Investors have hit sell on ANZ shares after the big four bank posted a cash profit less than what the market hoped to see.