A new report has laid bare the extent to which Australia’s big banks are still investing in coal, oil and gas projects, with billions pouring into dirty energy in the last year alone.
Market Forces, an environmental advocacy organisation focused on institutional finance, has released a new report titled Dirty Money, which breaks down and analyses each of Australia’s banks and their ongoing investments in the fossil fuel industry.
The report found that in 2025, ANZ, the fourth-largest bank, remained Australia’s biggest fossil fuel supporter, committing $3.5 billion in one year alone. According to Market Forces, ANZ has committed $16.4 billion to fossil fuel funding since 2021.
Macquarie Bank, the country’s fifth-largest bank, was next on the list, committing $2.5 billion in fossil fuel financing in 2025. Macquarie’s funding of coal, oil and gas projects increased by 34% on the previous year.
ANZ and Macquarie together accounted for 56% of fossil fuel financing by Australia’s five major banks. Commonwealth Bank committed $1.2 billion, Westpac $1.7 billion and NAB funded $1.9 billion in fossil fuel funding.
Bendigo Bank, Australia’s sixth-largest bank, did not fund fossil fuel projects at all.
A small number of banks, having an outsized footprint
Despite the fact that five of Australia’s biggest six banks are deeply embedded in the fossil fuel industry, the research found the overwhelming majority of Australian retail banks did not provide any finance to coal, oil and gas. In fact, 74 out of Australia’s 91 retail banks did not have an investment footprint in the industries.
Morgan Picket, senior policy analyst at Market Forces says it’s important for Australians who are concerned about global warming to realise the options they have in terms of where they park their money and take out mortgages.
“Every Australian has a bank account, if they want to have their money where their values are, it’s up to them. They have choices and more choices than some of the big banks want you to know,” he says.
Five of Australia’s biggest six banks are still investing billions in fossil fuels.
If you’re a customer of one of the smaller banks the report also highlights the importance of knowing who owns the institution you bank with. While many of these smaller banks do not fund fossil fuels directly, they could be owned by one of the larger “big four banks” that do provide finance to the industry.
These banks include Suncorp (owned by ANZ), Bankwest (owned by Commonwealth Bank), UBank (owned by NAB) and Bank of Melbourne, BankSA, RAMS and St.George (all owned by Westpac).
“It’s important that Australians are aware of what their money is being used for. If your money is in one of these smaller banks your money could still be going to fossil fuel expansion,” Picket says.
Jarni Blakkarly is an award-winning Senior Investigative Journalist at CHOICE. Jarni has worked for news organisations such as SBS, Reuters, Al Jazeera English, ABC 730, Radio National, BBC World Service and Deutsche Welle.
Jarni won the Walkley Foundation's young journalist of the year student category award in 2016 and was the recipient of a Melbourne Press Club Michael Gordon fellowship in 2022. In 2023 he was a highly commended finalist in the Quill Awards and a winner at the 2024 Excellence in Civil Liberties journalism awards. In 2024 he was elected to serve on the Federal Council (National Media Section) of the MEAA. Jarni has a Bachelor of Communications (Journalism) from the Royal Melbourne Institute of Technology (RMIT).
Jarni Blakkarly is an award-winning Senior Investigative Journalist at CHOICE. Jarni has worked for news organisations such as SBS, Reuters, Al Jazeera English, ABC 730, Radio National, BBC World Service and Deutsche Welle.
Jarni won the Walkley Foundation's young journalist of the year student category award in 2016 and was the recipient of a Melbourne Press Club Michael Gordon fellowship in 2022. In 2023 he was a highly commended finalist in the Quill Awards and a winner at the 2024 Excellence in Civil Liberties journalism awards. In 2024 he was elected to serve on the Federal Council (National Media Section) of the MEAA. Jarni has a Bachelor of Communications (Journalism) from the Royal Melbourne Institute of Technology (RMIT).
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