Importance of Ethics in Business Drawing upon the Implications of Australia’s Recent Problems with Ethics in Banking

Running Head: IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS
OF AUSTRALIA’S RECENT PROBLEMS WITH ETHICS IN BANKING 1
Importance of Ethics in Business Drawing upon the Implications of Australia’s Recent Problems
with Ethics in Banking
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IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS OF
AUSTRALIA’S RECENT PROBLEMS WITH ETHICS IN BANKING 2
Introduction
Business ethics is known to be the ability of an individual to make the right business
decision as well as abide by an individual’s moral values or corporate standards, even if the legal
structures might not cover such decisions. It simply refers to the idea of doing the right operation
even if it is not legally enforced by different regulations around the business community
alongside the authority of a given region (White, 2017). Mulvey (2015) recorded that morality of
business operations is determined through the capacity of the professional running it in order to
abide by some fundamental principles and let their moral obligations and standards guide them
when they face controversial concerns. Such concerns comprise of corporate social
responsibility, instances of bribery, together with discrimination among other factors. In the
Australian banking sector, business ethics remain to be of greater importance as the banks had
been undergoing through problems. For instance, the financial sector in the region had been
charging different fees to its customers for no service (Hijal-Moghrabi & Sabharwal, 2018).
Besides, banking in Australia recently charges dead people by taking money from their
respective accounts without the idea of their dependants. From the actions of different banking
managers and workers, it is clear that business ethics relate to the behavior of business
individuals within the business setting. Therefore, the primary target of this research paperwork
is to examine the importance of ethics in business by drawing upon the implications of recent
problems in Australia regarding ethics in the banking sector.
Importance of ethics in business
Though it cannot be decided as to what is ethical as well as unethical for all business
operations. Besides, society cannot presume that business persons need to follow the standards of

IMPORTANCE OF ETHICS IN BUSINESS DRAWING UPON THE IMPLICATIONS OF
AUSTRALIA’S RECENT PROBLEMS WITH ETHICS IN BANKING 3
ethics. Ethical considerations in business are highly significant to the business managers as
individuals just like in banking sector within Australia that has recently faced different
operational issues. The need for having ethics in business had been the issue of great concern
even in ancient times when there were no banking sectors around the Australian community
(Berenbeim, R 2017). Every organization should have their morals guidelines together with
principles. Following business ethics has more advantages as it can assist individual banking
operators and those in different organizations to keep as well as attract more workers, investors,
along with customers. For instance, banking managers in Australia that possessed strong
business ethics undermined the potential operational dangers. They undermined such risks
towards the culture of the organization. Instead, ethics during the time enables workers at every
level of operation to make quicker decisions guided through by their skills of business ethics
(Seele, 2016). The other factors that guided how quick business operator can guide operation are
through an increasing rate of productivity together with their morale. Some of the importance of
ethics in business is that it enhances the survival rate of business operations. It also improves
how the business grows in the current competitive business setting. It also improves the
confidence and earning goodwill among operators. Besides, ethics is an essential element in
business operations that maintain the inter-relationship. The management acts as the case in the
banking sector where other banks had been ranked to be ethically moral by not overcharging or
fining their clients in any wrong way (Jackson & Palmer, 2015). Ethics in the business operation
of different banks when they faced the recent problems on operations act as the best technique
used to solve societal issues between bank managers and different customers around the
Australian community.