I think "ravages the economy" is a bit strong...but we will see if it's true come budget time.
Australia's big banks wander deeper into regulatory quagmire
Australian banks famously rode out the 2008 financial crisis with barely a scratch, but no longer are they the exemplar of success, as a commodity rout ravages the economy and a growing storm of accusations over misconduct threatens to tar their name. Last week, Westpac Banking Corp (WBC.AX) became the second Australian lender after ANZ Banking Group (ANZ.AX) to be dragged to court by regulators over suspected rigging of benchmark interest rates. Both have denied any wrongdoing, saying they would vigorously defend themselves. While increased regulatory scrutiny will eventually promote greater compliance, banks could ... (full story)