The Federal Court has ordered Australia and New Zealand Banking Group Limited (ANZ) pay $250 million in penalties for widespread misconduct and systemic risk failures affecting the Australian Government, taxpayers and at least 65,000 retail bank customers.

His Honour Justice Jonathan Beach increased the penalty for ANZ’s inaccurate reporting of secondary bond market turnover data by $10 million, bringing the penalty in relation to that misconduct to $50 million.

The outcome is in relation to four separate court proceedings spanning misconduct across ANZ’s Institutional and Retail divisions, announced in September 2025.

His Honour Justice Jonathan Beach today ordered ANZ pay:

• $135 million in combined penalties for institutional and markets misconduct relating to the management of a $14 billion government bond deal and inaccurate reporting of secondary bond market turnover data to the Australian Government. This includes a record $80 million penalty for unconscionable conduct,
• $40 million for failing to respond to hundreds of customer hardship notices, in some cases for more than two years, and failing to have proper hardship processes in place,
• $40 million for making false and misleading statements about savings interest rates, and failing to pay the promised interest rate to tens of thousands of customers, and
• $35 million for failing to refund fees charged to thousands of dead customers and not responding to loved ones trying to deal with deceased estates inside the required timeframe.

ANZ admitted to the misconduct in September 2025, and together with ASIC, asked the Federal Court to impose penalties of $240 million.

Each matter was separately considered and heard by Justice Beach on 2-3 December 2025 and judgment was delivered on 19 December 2025.