ANZ acknowledged the Australian Securities and Investments Commission was investigating the bank’s execution of a 2023 bond issuance.
The judge found even though Commonwealth Bank was aware of problems before AUSTRAC’s 2017 case,it had not breached continuous disclosure obligations.
This season was not one that banks will be crowing about – all experienced a fall in profits and the themes were remarkably similar.
ANZ chief executive Shayne Elliott said there were “very real stresses” in the economy,but that much of it was outside the banking system.
Chief executive Andrew Irvine reported a 13 per cent tumble in half-year profits,but said households were mostly proving resilient in the cost-of-living crisis.
This week’s results provide a reality check for those who argue that the highly concentrated banking and supermarkets sectors lack competition.
The big banks are rethinking how much risk they can take when it comes to lending,as some say that excessive regulation is only helping wealthy borrowers while others miss out.
In previous cycles of Reserve Bank interest-rate changes,the major banks often responded in ways that helped boost their profits. Would they use those tactics today and risk becoming a target for political attacks?
Despite continued pressure on bank profit margins,analysts expect the big four to post relatively resilient earnings over the next two weeks.
Financial troubles at Armaguard highlight the strain on the system used to distribute cash to ATMs,supermarkets and post offices.
A parliamentary committee has launched an inquiry into the hidden problem of financial abuse in Australia,which has been described as a form of domestic violence that often goes undetected.