Big four
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Australia's big four banks are facing various challenges, including rising bad debts and regulatory concerns. The banks are also dealing with workplace issues, such as suicides and demands for remote work, while investing in new technologies and expanding their international presence.
Australia's big four banks are facing challenges. The National Australia Bank (NAB) has been rocked by two suicides in as many months. The bank is offering support to its employees. The Australian Competition and Consumer Commission (ACCC) has requested more information from Armaguard about its cash distribution plan. Westpac is bracing for rising bad debts amid fuel price pain. The bank has lifted its credit provisions as a buffer from global upheaval. The ACCC has warned banks to improve their mortgage due diligence amid a multi-billion scandal. The Reserve Bank of Australia (RBA) has banned credit and debit card surcharges, which will come into effect in October. Westpac and Commonwealth Bank (CBA) are competing in institutional banking. The RBA has called for a coordinated effort to unlock digital asset markets.
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