The public’s trust in the big four has rebounded strongly over the past year, lifting consumer sentiment towards the banking industry.
Consumer trust in Australian banks improved more than in any other sector in the 12 months to August 2025, with the big four banks leading a recovery in trust ratings for the banking sector, according to Roy Morgan research.
The market research firm analysed 27 Australian industries to determine trust and distrust levels, finding that trust in banking and finance industries – including all big four banks – increased significantly over the last year.
The banking industry itself was the 14th most trusted industry, up 10 spots from a year ago and significantly better than mid-2024, when trust levels were at a multi-year low.
Trust levels in the banking sector began improving more than six months before the Reserve Bank of Australia’s (RBA) first interest rate cut of the cycle in February 2025 – indicating the trend is not solely being driven by lower interest rates and lower loan payments.
Despite the improvement, banks still sit in a position of net distrust (where more Australians distrust a brand than those who trust it).
Distrust of banks was centred on them being too profit-driven, having unaffordable fees and poor customer service.
Many Australians also felt that banks charged too much and were making many services unaffordable with excessive fees and high interest rates on key products, Roy Morgan research found.
Big 4 lead improvement
The major banks have risen up the rankings of trusted brands over the last 12 months, led by the Commonwealth Bank of Australia (CBA) and Westpac.
CBA jumped six spots from a year ago to the highest-ever ranking of seventh overall.
The biggest improvement of any brand – in terms of places gained compared to a year ago – was by Westpac, which soared 157 places to 15th position to be just behind Bendigo Bank in 14th place.
National Australia Bank (NAB) rose 156 spots to enter the top 20 brands in 18th place, overtaking ING, which slipped one spot to the 21st spot.
ANZ soared 146 spots to 34th place overall.
There has been a notable recovery in net trust for the banking sector since the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in early 2019.
The commission led to a significant decline in trust for all of the big four banks and many other firms in the industry. Since then, trust in banks has generally improved.
“The banking industry has experienced the most rapid rise in net trust over the last year of any industry – rising 10 places to be the 14th most trusted industry overall in August 2025,” Roy Morgan CEO Michele Levine said.
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