FEAR & GREED | Business News ANZ profit tumbles; RBA plays down rate cuts; ACCC warns retailers ahead of Black Friday
Nov 10, 2025
ANZ's profits took a hit, dropping 14%, raising questions about its governance amid executive bonuses being forfeited. The RBA signaled that further rate cuts are not in the cards, urging businesses to focus on productivity. Meanwhile, the ACCC issued a warning to retailers about misleading Black Friday promotions. On a different note, sales of hybrid and plug-in electric vehicles are booming, reflecting a shift in consumer preferences. Lastly, a deal ending the US government shutdown brings some relief alongside positive corporate earnings reports.
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ANZ's Profit Drop And Leadership Reset
- ANZ's cash profit fell 14% to $5.8 billion, with underlying profit flat after one-off costs and penalties.
- New CEO Nuno Matos said results weren’t good enough and the bank faces major remediation and cost challenges.
Banks' Costs Are Outpacing Revenue
- Big banks face rising costs and stagnant revenue, pushing expense-to-income ratios above 50%.
- Technology and staff spending drove the highest expense ratios in 15 years, pressuring margins.
Banks Want Direct Mortgage Channels
- Banks aim to shift mortgage sales from brokers to their own staff to own customer relationships and data.
- Sean and Michael note this will be difficult because brokers still handle about three quarters of home loans.