‘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.
banking
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.
Westpac shares slip amid profit dip, volatile outlook
Westpac CEO Anthony Miller says Australia is well-positioned to weather storms in the world economy and he's looking forward to working with a Labor government.
Reserve Bank call for calm is welcome amid tariff drama
Federal Treasurer Jim Chalmers says Australia is still well-placed to navigate the economic uncertainty generated by Donald Trump's wide-ranging tariffs.
Super funds hit in co-ordinated lump sum cyber hack
Trillions in superannuation funds have been targeted by hackers, but many funds attacked are reporting no losses as experts call for better security.
Tariffs and growth slump a concern for banking leaders
Australia's economic growth forecasts have been downgraded due to Donald Trump's trade war, keeping its most important financial leaders on their toes.
Comm Bank hikes dividend as shares hit all-time high
Australia's leading bank has delivered a $5.1 billion first-half cash net profit, in what analysts have called a "gravity-defying rally".
Big bank clips rates as RBA mulls next move
Strong retail spending figures are not expected to deter the Reserve Bank from cutting rates at its next meeting as one big bank lowers fixed-rate loans.
The ‘existential’ threat facing the corporate watchdog
Corporations and regulators are struggling to adapt to modern business conditions and regular Australians are suffering as a result, says ASIC boss Joe Longo.
Trio avoid going to jail over attempted $21m bank fraud
A group including a former senior employee have been spared time behind bars after attempting to defraud a major bank out of more than $20 million.
Bank shareholders reject climate disclosure for lending
A big-four bank will not need to spell out its lending intentions for fossil fuel companies as shareholders reject a pitch to change its constitution.
ANZ chief executive forfeits $1.5m bonus after outcry
The CEO of a big-four bank has forfeited a bonus worth $1.5 million after a backlash from shareholders upset about poor behaviour in its trading rooms.
Activists want banks’ actions to match words on climate
Activists are heartened that Australia's big banks took steps to limit lending to fossil fuel companies this year, but also have questions.