Shares in CBA, which has denied the allegations, had risen 0.8 per cent to $117.99 on Friday afternoon.
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CBA noted the decision in an ASX announcement on Friday, while a spokesman for Maurice Blackburn signalled the ruling could be appealed. “The legal team will take time to consider the decision carefully, with a view to an appeal,” he said.
The allegations against CBA were tested in a 2022 trial, in which internal CBA documents were examined and bankers were questioned about the bank’s adherence to anti-money laundering obligations.
Friday’s ruling comes after CBA was this week the last major bank to update investors on its profits, which slipped 5 per cent to $2.4 billion in the March quarter amid a squeeze on profit margins.
Elsewhere in financial services, insurance giant QBE on Friday said premiums were increasing by 11 per cent in its Australian business, as the industry continues to push through hefty price rises due to costs from labour and materials, damage from natural disasters and reinsurance expenses.
At its annual shareholder meeting, QBE reiterated its profit guidance and said Australian premiums were up 11 per cent in the year to date, down from 13.9 per cent in fourth quarter of 2024. Across the entire QBE group, much of which is overseas, premiums were up 7.3 per cent in the year to date.
QBE chairman Mike Wilkins says higher frequency of catastrophes, rising cost of materials and labour, and higher reinsurance costs are all pushing insurance premiums higher.Credit: Louise Kennerley
Soaring insurance costs have helped drive up Australia’s inflation rate, and chairman Mike Wilkins acknowledged the cost-of-living pressure on households, while pointing to the broad threat from climate change.
“The persistency of catastrophes, the rising cost of materials and labour and higher reinsurance costs are all contributing to the cost of premiums,” Wilkins said.
“QBE and the insurance industry have been advocating for measures that reduce natural peril risk and increase mitigation and community resilience as this is critical to address insurance affordability and accessibility.”
QBE and other insurers have called for greater investment infrastructure to protect communities from disasters, such as flood levees and changes to land-use rules and building standards to make homes more resilient.
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