Australia's Banks Set To Report Record Profits

SYDNEY, AUSTRALIA - NOVEMBER 05: Pedestrians move past a Australia & New Zealand Banking Group Ltd. (ANZ) central business district branch on November 05, 2024 in Sydney, Australia. Australia's major banks are set to report record profits this week, with combined cash earnings expected to reach an unprecedented $32.5 billion, marking a 14% increase from the previous year. This surge in profitability is largely attributed to rising interest rates and robust loan growth, despite challenges posed by increased competition and a slowing economy. (Photo by Lisa Maree Williams/Getty Images)