Australia’s biggest banks continue to prosper despite legal enquiries. Danielle Myles reports.
Top executives at Australian banks have spent much of 2018 being questioned in a government-led inquiry into misconduct within the sector. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has grilled industry leaders on everything from consumer lending practices to small business loans, financial advice to interactions with indigenous communities.
Having escaped the global financial crisis relatively unscathed, this is the most scrutiny that Australian banks have faced in some time. More than 8000 submissions from the public have been received regarding alleged misconduct by a broad range of financial institutions, including the country’s biggest banks.
The Commonwealth Bank is the largest, with $40.5bn in Tier 1 capital. It is closely followed by Westpac with $40bn. ANZ ranks third with $38.5bn and National Australia Bank fourth with $37bn.
The Royal Commission is releasing its interim report by the end of September and its final findings next February.
All data sourced from www.thebankerdatabase.com
