Westpac and the ANZ have suspended dividends payments. The National Australia Bank has slashed them. The peculiarities of our tax system explain why retirees hate this more than they should.
Recently Telstra, the big four banks, and the ABC have used technology to replace workers.
Joel Carrett/AAP, Paul Miller/AAP and Dean Lewins/AAP
The charges laid against ANZ and other banks over alleged cartel-like behaviour suggests that Australia is following the United States in cracking down on anti-competitive behaviour.
Rowena Orr QC rebuked banks on the first day of the Royal Commission for failing to provide specific documents.
Eddie Jim/AAP
The Australian Banking Association says ‘nearly 80% of bank profits go straight back to shareholders’, the majority of whom are ‘everyday Australians’. Is that right?
Commonwealth Bank chair Catherine Livingstone (left) and CEO Ian Narev.
AAP
Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks’ behaviour itself is the real cost.
ANZ and NAB have settled with ASIC over manipulation of the Bank Bill Swap Rate.
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The major banks have tried to downplay their role in manipulating the BBSW interest rate benchmark. But this is not the first instance of bad behaviour.
When did ASIC’s Greg Medcraft learn about the alleged money laundering at the Commonwealth Bank?
AAP
Parliamentary hearings reveal a lot of confusion between government, regulators and industry around banking regulation. This needs to be fixed.
There are signs our frothy housing market, combined with rising interest rates, could have serious consequences for our economy.
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Kevin Davis, Australian Centre for Financial Studies
The new levy on banks from the budget is a small hit to their profit but it could have unintended consequences.
With the intensity of competition across many industries, financial institutions such as ANZ need to be agile and respond to changes quickly to maintain business.
Mal Fairclough/AAP
The agile working style was originally designed by tech companies for efficiency in software development but now one of Australia’s big four banks wants to implement this.
ASIC found that CommInsure didn’t breach the law with its handling of claims.
Dave Hunt/AAP
ASIC is telling CommInsure to do what it should have been doing all along. Let’s forget the past and mistreatment of customers, it’s paradise for firms that prey on the sick and dying.
There are mixed results in research when it comes to the effect of shaming people into good behaviour.
Lukas Coch/AAP
The banks could have used their collective bargaining power not only against Apple for Apple Pay but also stall the adoption of mobile payments in Australia.
Banking inquiries in their current form serve as political theatre, rather than as a genuine form of accountability.
Lukas Coch/AAP
Members of House Standing Committee on Economics should be asking the directors of Australia’s Big Four banks (not the CEOs) different questions, if they really want the right answers.
Commonwealth Bank of Australia CEO Ian Narev attends the parliamentary inquiry into the banking system.
AAP Image/Lukas Coch
Business Briefing: fixing culture in banking and finance.
The Conversation19.7 MB(download)
"Banking culture" has drawn a lot of scrutiny this year, after several high-profile scandals. But Professor Paul Kofman says there isn't much evidence for how to intervene if there's a problem.
Did ANZ CEO Shayne Elliot let the cat out of the bag on manipulation of BBSW when speaking at the Standing Committee on Economics annual hearing?
Lukas Coch/AAP
In his response to questioning by MPs at the House Economics Committee hearings into the big four banks, Mr Shayne Elliott, CEO of ANZ, may have inadvertently let the cat out of the bag, When questioned…
ASIC chairman Greg Medcraft could learn a thing or two from his US counterparts.
Mick Tsikas/AAP
ASIC has been too slow to prosecute those accused of rigging the bank bill swap rate so it doesn’t matter if the government makes the penalties harsher for those found guilty.