Sydney, Jan 22, 2026, 17:49 AEDT — Market closed
- ANZ shares ended 0.6% higher following a union’s sharp criticism of planned job cuts at Suncorp Bank
- Banks powered a rebound on the ASX, boosted by a robust jobs report that raised expectations for further rate hikes
- Traders are focusing on the inflation data due January 28 and the RBA meeting set for February 2–3
ANZ Group Holdings Limited (ANZ.AX) shares finished Thursday 0.6% higher at A$36.40, moving alongside gains in the wider banking sector despite mounting union backlash against planned layoffs at Suncorp Bank. 1
The S&P/ASX 200 closed up 0.8% at 8,849 points, boosted by gains in financial stocks after jobs data sparked fresh speculation about a rate hike in February. “The creation of more than 65,000 new jobs last month shows a much stronger labour market than any of us anticipated,” said KPMG chief economist Brendan Rynne. 2
For ANZ, the rate debate intersects with a more tangled, company-specific issue. The Suncorp integration was expected to be disruptive; now, job cuts have pushed it into political territory.
The Finance Sector Union reported that 197 roles at Suncorp Bank are affected, with 66 expected job losses, mainly in Brisbane. The union has urged the federal government to step in. FSU national president Wendy Streets said ANZ claims to be meeting its obligations, but the union “has not seen the evidence to support that claim.” ANZ, for its part, says it remains “firmly committed” to its promises, including no net job cuts in Australia directly tied to the acquisition. 3
ANZ wasn’t the only one on the rise. Westpac Banking Corp gained roughly 2%, and National Australia Bank jumped about 3%, reflecting a shift by investors toward rate-sensitive banks. 4
The labour report revealed the seasonally adjusted unemployment rate dropped to 4.1% in December. Employment increased by 65,000, driven mainly by a 55,000 gain in full-time positions. 5
Money markets quickly priced in about a 50% chance of a 25 basis-point hike at the early-February meeting. The Australian dollar surged to a 15-month peak. “With the labour market resilient as ever … there is a growing imperative for the RBA to tighten policy settings,” noted Abhijit Surya, senior APAC economist at Capital Economics. 6
This context plays a key role in ANZ’s earnings, even before factoring in the Suncorp buzz. Rising rates boost the net interest margin — the difference between what banks earn on loans versus what they pay on deposits — but they may also dampen credit demand and increase the risk of bad debts.
Yet the Suncorp dispute stands apart. Political resistance to job cuts and branch closures might stall restructuring plans, making another headline-grabbing episode quite likely.
Coming up, the ABS consumer price index for December 2025 is set for release on Jan. 28 at 11:30 a.m. AEDT. Then, the Reserve Bank of Australia’s Monetary Policy Board meets Feb. 2–3. The ASX will be closed Monday for Australia Day, cutting the trading week short as investors eye both the CPI data and ongoing concerns around Suncorp job cuts. 7
