Hard on the heels of adverse disclosures at the banking royal commission, the nation’s most aggressive regulator, the ACCC has announced criminal cartel charges against ANZ over a multi-billion dollar share placement in 2015. The bank raised $3.2 billion in August 2015 via a $2.5 billion institutional share placement, and then an offer to shareholders which raised $720 million.

The ACCC action has the capacity to seriously embarrass the bank and its high powered board which is chaired by senior Australian business leader David Gonski. Others on the board include former New Zealand prime minister Sir John Key, Tabcorp and Healthscope chair Paula Dwyer, ANZ CEO Shayne Elliott, Coca Cola Amatil chair Ilana Atlas (who's also a director of the Paul Ramsay Foundation, the nation’s biggest charity), former public servant Jane Halton, and Graeme Liebelt, a former CEO of Orica and a director of Australian Foundation Investment company, the core company in Melbourne’s old business establishment.