The Impact of Corruption on the Banking Industry in Australia

This essay examines the issue of corruption within the Australian banking industry and its detrimental effects on the country's economy and public trust. It highlights how the dishonest practices of individuals misuse the savings and investments of Australian citizens, eroding confidence in financial institutions and creating a negative perception of the banking culture. The spread of this corrupt culture across the country poses a significant threat to the overall economic stability. The essay emphasizes the urgent need for the Australian government to implement strict banking policies and foster a positive organizational culture within banks to safeguard the economy and restore faith in the banking system. References to relevant academic articles support the analysis of the issues.

Running Head: Banking Industry in Australia
BANKING INDUSTRY IN aUSTRALIA
Essay
MAY 26, 2019

Banking Industry in Australia 1
Banking Industry in Australia
Banking industry in Australia is the backbone of its economy. However, from last few years,
corruption in this industry is the major problem. As people depend on the economy of the
country, the dishonest and corrupt people misuse the money of Australian people who are
investing their savings in the banks1. This corruption culture has impacted the overall economy
and trust of people. This misbehavior of people destroys the entire banking culture and created a
negative image of the banks in all over the world2. This kind of culture is spreading all part of the
country and has impacted the overall economy of the country. To protect the economy of the
country and create a good image of the banks the Australian government must require a strict
banking policy with a good banking organization culture.
1 M. A. Adams, G. Borsellino, & A. Young, ‘Regulating conduct of financial institutions in Australia: is culture the
new frontier of regulation?’, Journal of International Banking Law and Regulation, 2018, vol. 32, no.3, 86-92.
2A. A. C. G. M.. Marcussen, ‘Central Banking Reform across the World: Only by Night Are All Cats Grey’
Transcending New Public Management, vol. 5, no. 3, 2017, pp. 147-166

Banking Industry in Australia 2
References
Adams, M. A. Borsellino, G., & Young, A., ‘Regulating conduct of financial institutions in Australia: is
culture the new frontier of regulation?’, Journal of International Banking Law and Regulation, 2018, vol.
32, no.3, 86-92.
Marcussen, A. A. C. G. M., ‘Central Banking Reform across the World: Only by Night Are All Cats Grey’
Transcending New Public Management, vol. 5, no. 3, 2017, pp. 147-166