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.
Why shouldn’t taking a stand (either way) on the Voice be seen as part of a company’s environmental and social governance responsibility?
Bank margins will continue to dwindle in the first half of this financial year,analysts say,as customers move their savings into higher-interest offerings.
After asking for financial support and walking away from $26 million on offer,Armaguard will try to negotiate with customers individually,but good faith may have eroded along the way.
The bosses of major banks have backed calls for federal elections to be held every four years instead of three to provide more certainty for business.