Category: ANZ

Source: ANZ statements

ANZ Economist Madeline Dunk said: “ANZ-Indeed Australian Job Ads are showing surprising resilience, rising 2.6% over the last two months. The recent upswing has lifted the number of Job Ads above April levels. We expect the buoyancy in ANZ-Indeed Australian Job Ads to fade as the economy cools. While the labour market remains very tight, the underemployment rate has risen from its recent low, and the July Labour Force Survey showed an increase in the unemployment rate.”

Indeed Senior Economist Callam Pickering said: “The pick-up in Job Ads over the past two months has been driven by New South Wales and Queensland, with smaller contributions coming from the other mainland states. Recent growth has been concentrated in education and healthcare, specifically doctors and nurses, with Job Ads for retail also rising at a seasonally strong pace. These gains have offset a significant decline in tech opportunities, which have steadily fallen throughout 2023.”

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Source: ANZ statements

A digital footprint is the trail of information we actively or passively leave behind when we use the internet. Our digital footprints can be used to track online activity and includes personal information such as names, addresses and phone numbers of people and their close contacts.

Often, an internet user may not be aware they are leaving information behind when browsing, transacting, or posting online. It’s important to take inventory of the different places your data is being used, stored, and shared.

ANZ Senior Fraud Analytics Manager Jess Bottega said: “A lot of us don’t know where our data is being stored and what it’s being used for.”

“Scammers and online criminals can use our digital footprint to access account numbers, passwords, financial and other personal information. This information can sometimes be used to commit identity fraud, hacking and scams. It’s important to remain vigilant online, using different and complex passwords for each site, clearing cookies and unsubscribing from emails is a great place to start.”

“We all know life can get busy, so set a reminder in your calendar or link this “clean-up” activity to a milestone – such as the change of season, to get into the habit of regularly checking in on your digital footprint,” Ms Bottega said.

Source: ANZ statements

Consumer confidence increased by 2.3pts. Among the mainland states, confidence rose in NSW, Victoria and Queensland and fell in SA and WA.

‘Weekly inflation expectations’ fell 0.3ppt to 5.2%. Its four-week moving average softened from 5.4% to 5.3%.

‘Current financial conditions’ remained unchanged. ‘Future financial conditions’ were up 5.0pts, more than offsetting the 4.2pts decline the week before.

‘Current economic conditions’ gained 3.0pts, while ‘future economic conditions’ rose 0.9pts.

‘Time to buy a major household item’ increased by 3.0pts.

Source: ANZ statements

ANZ today announced it has filed an application for Australian Competition Tribunal review of the decision by the Australian Competition and Consumer Commission (ACCC) not to grant authorisation for ANZ’s proposed acquisition of Suncorp Bank.[1]

ANZ Chief Executive Officer Shayne Elliott said: “We have today sought a review of the ACCC’s decision by the independent Australian Competition Tribunal.

“Not only do we believe that ANZ’s acquisition of Suncorp Bank will create a combined bank which is better equipped to respond to competitive pressures to the benefit of Australian consumers, it will also deliver significant public benefits, particularly in Queensland.

“Queensland is thriving, with strong opportunities to further grow and prosper. We remain excited about the opportunities for ANZ and our customers in Queensland, and the benefits of bringing Suncorp Bank and its customers into the ANZ Group,” Mr Elliott said.

Under Australian competition law, the Australian Competition Tribunal is the review body for merger authorisation decisions, and can vary or set aside the ACCC’s decision.

In addition to authorisation under Australia’s competition laws, the acquisition remains subject to additional conditions including approval from the Federal Treasurer and Queensland legislative amendments.

While the acquisition remains subject to these conditions, ANZ continues its preparations for the integration of Suncorp Bank into ANZ. Completion of the acquisition is expected to occur in mid calendar year 2024.

Approved for distribution by ANZ’s Continuous Disclosure Committee

Source: ANZ statements

Ms Russell is currently the Director of Government Strategic Engagement in SA, and is responsible for managing the state government’s transition to ANZ as their sole banking partner. She joined ANZ in 2018 from Westpac, and since then has held various Institutional roles in Adelaide and Sydney.

Ms Leach is currently Head of Corporate Finance SA and is responsible for managing ANZ’s portfolio of Resources, Energy and Infrastructure customers. She moved to Adelaide in 2021 and has been with ANZ for 16 years where she’s held roles in Credit and Specialised Risk.

The co-head approach mirrors the successful arrangements for ANZ Institutional in Queensland with Caroline Pauley and Darren Bradfield, and in Western Australia with Megan Joyce and Craig Greenwood. 

Commenting on the appointments, Acting Managing Director Institutional Australia & Papua New Guinea, Jo Scotney, said: “We are pleased to announce that Kate and Rachel will jointly lead our South Australia Institutional business. South Australia is an important state for ANZ Institutional and offers terrific opportunities. Our teams are working hard to continue to successfully roll out the transaction banking contract with the state government.”

According to the Peter Lee Associates 2023 Large Corporate & Institutional Relationship Banking Survey, Australia, ANZ Institutional was named most trusted adviser and No. 1 for customer relationship strength, lead bank and market penetration, Relationship Manager capability and overall satisfaction with products and services.

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Source: ANZ statements

Consumer confidence increased by 3.2pts. Among the mainland states, confidence rose in Victoria, Queensland, SA and WA, while it fell slightly in NSW.

‘Weekly inflation expectations’ decreased 0.2ppt to 5.2%. Its four-week moving average fell from 5.5% to 5.4%.

‘Current financial conditions’ jumped 7pts, offsetting the 6.9pts decline the week before. ‘Future financial conditions’ were up 7.6pts after a 9.6pts fall in the previous week.

‘Current economic conditions’ gained 3.4pts rising above 70 for the first time in 14 weeks. ‘Future economic conditions’ rose 0.4pts.

‘Time to buy a major household item’ fell 2.5pts, its second weekly fall in a row.

Source: ANZ statements

ANZ today announced the appointment of Jodi West as President Director, Indonesia. The appointment is approved by the Financial Services Authority (OJK) and is effective 31 July 2023.

Ms West joined ANZ in 2015 as Head of Institutional FX Sales, Australia, before relocating to Vietnam as Country Head in 2018. Prior to joining ANZ, she held senior roles with Citigroup and Barclays Capital, covering FX and Commodities, and was also Head of Corporate & Institutional Market Sales, New South Wales, at National Australia Bank.

Mark Evans, Head of South East Asia, India and Middle East and Country Head Singapore, said: “ANZ has been present in Indonesia since 1973. With her regional experience, commercial acumen and strong leadership capabilities, Jodi is well-placed to oversee the next phase of growth in this important market. 

Indonesia is the largest developing economy in South East Asia. With its abundant supply of natural resources, and as the world’s largest producer of nickel, Indonesia is uniquely placed to support our Institutional customers in their transition to net-zero.  This aligns with our business strategy across the region,” said Mr Evans.

ANZ has a presence in 13 Asian markets, the UK, Europe, USA, Pacific, Middle East, and its home markets of Australia and New Zealand.

According to the independent 2022 Coalition Greenwich Study, ANZ has been ranked #1 for relationship quality in Asia, and #1 for overall relationship quality in Singapore, Hong Kong and China by its Institutional customers.

Source: ANZ statements

Utilising AI and machine learning, the mule detection capability recognises money mules and mule accounts and is an extension of the bank’s behavioural biometric technologies.

Following a successful pilot in April 2023, which identified nearly 1,400 high risk accounts, the mule detection technology will be implemented across ANZ’s security systems by September 2023. It will be supported by a new and dedicated mule detection team who will work alongside ANZ’s 440 customer protection specialists.

ANZ Head of Customer Protection Shaq Johnson said: “Stopping mule accounts is a critical component of scam prevention and disrupting sophisticated criminal enterprises.”

“In identifying and blocking mule accounts, we effectively starve criminals of the resources they need to carry out the activity. By disrupting the infrastructure that supports scams, it becomes more difficult for these online criminals to operate and impact innocent individuals.”

The detection of mule accounts often leads to the dismantling of additional scam networks and prevents future scams.

“Mule accounts are often linked to larger criminal networks involved in organised crime, fraud and scams. Our new mule detection technology and the mule detection team will better enable us to identify these accounts, stop the illegal activity and gather valuable information about individuals or groups behind sophisticated scams.”

“There is a whole of community response needed to scam prevention, and while banks play a critical role, customers can also protect themselves by remaining alert to unsolicited contact and requests to move funds,” Mr Johnson said.

ANZ is continually reviewing and adjusting its capabilities to keep customers safe as new scams emerge and cyber criminals change how they operate. In the last twelve months, our people and our systems have stopped more than $78 million going to criminals.

About Mule Accounts: A money mule is a person or company recruited by criminals to transfer illegally obtained money or goods on their behalf. Typically, money mules will receive funds into their bank accounts and be instructed to transfer the money to another financial institution, or via alternative payment methods, such as the purchase of cryptocurrency.

 

The tactics used to recruit money mules and obtain mule accounts are complex and often challenging to detect.

Cyber criminals may target vulnerable people to become mules, with many of those individuals believing they’re being recruited for a job or investment opportunity. They are then scammed into being the intermediary in serious crime, typically to receive and distribute the proceeds of many crimes, including fraud and scams.

Scammers can also use compromised identities to open mule accounts by obtaining personal information – acquired through various means, such as data breaches, phishing attacks or purchasing stolen data on the dark web.

ANZ encourages customers to always be vigilant against scams and keep these simple tips front of mind:

 

1. Be wary of unsolicited offers or job opportunities offering you the chance of making easy money (e.g. you’re offered money for transferring funds and there’s no experience required)
2. Take steps to verify any company which makes you a job offer. For example, address, phone number, email address and website
3. Be wary of a person asking for financial assistance – never send money, particularly by wire transfer or to cryptocurrency as these funds cannot be recovered by banks
4. Be suspicious if someone asks for your personal details soon after contact – never give your confidential banking details to anyone

ANZ’s customer protection teams and systems operate 24/7. Customers who believe they may have been a victim of a scam should contact us immediately, on 13 33 50 or visit us at http://www.anz.com.au/security/report-fraud/ for more information.

For more information on the types of scams and how to protect yourself visit http://www.anz.com.au/security/types-of-scams.

Source: ANZ statements

Consumer confidence decreased by 3.4 points last week. Confidence was down across all the mainland states – New South Wales, Victoria, Queensland, South Australia and Western Australia.

‘Weekly inflation expectations’ decreased 0.1 percetnage points to 5.4 per cent. The idexes’ four-week moving average was unchanged at 5.5 per cent.

‘Current financial conditions’ plunged 6.9 points, while ‘future financial conditions’ dropped 9.6 points. This follows two weeks of strong gains in both financial conditions.

‘Current economic conditions’ softened 0.7 points after three straight weeks of gains. ‘Future economic conditions’ were up 2.1 points, rising above 90. ‘Time to buy a major household item’ fell 2 points after a 5.5 point gain the week before.

Source: ANZ statements

ANZ Economist Madeline Dunk said: “ANZ-Indeed Australian Job Ads rose a touch in July. But the series has fallen 2.1% over the past three months, suggesting the July lift is likely to be a blip.

“There are other signs labour market momentum is starting to slow as the RBA’s 400bp of hikes flow through to economic activity. NAB’s Business Survey shows the proportion of businesses reporting labour as a constraint on output has fallen from a peak of 91% to 83% in Q2.Other leading indicators such as forward orders and consumer employment expectations are also coming off. Alongside the downward trend in Job Ads, this suggests we’ll see a gradual cooling of the labour market from its very strong starting position.”

Indeed Senior Economist Callam Pickering said: “In July, ongoing declines in New South Wales and Victoria were offset by gains in the other states and territories. That has been a common occurrence throughout 2023. Since the beginning of the year, Job Ads are down in three-quarters of sectors Indeed analysed, led by food preparation, personal care and cleaning & sanitation. Some occupations, most notably those in the healthcare sector, have strengthened this year, defying the national trend.

“Recruitment overall remains quite challenging but high population, combined with the ongoing decline in Job Ads, is slowly addressing skill shortages.”

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