Rank the Banks 2026 Report: Big Four lead the pack, but hardship support is still failing many Australians
Financial counsellors have ranked the Big Four banks ahead of other lenders and debt collectors on hardship support in a new report. While financial counsellors described some good hardship practices, the report reveals large parts of the credit industry are failing in proactive outreach, harm prevention, and support for people in vulnerable circumstances.
Rank the Banks, Other Lenders and Debt Collectors 2026 is a collaborative project coordinated by Financial Counselling Australia (FCA), in partnership with the Consumer Policy Research Centre (CPRC) and the state and territory financial counselling peak associations.
“Financial counsellors see first-hand what good and bad hardship support does to people’s lives. Done right, it stops a crisis in its tracks. Done badly, it tips people over the edge,” said Dr Domenique Meyrick, CEO of FCA.
Financial counsellors rated banks, non-bank lenders and debt collectors on overall hardship practices, performance against FCA’s 10 Principles of Good Hardship, and support for vulnerable cohorts.
“The Big Four are ahead of non-major banks, debt collectors and ‘other lenders’. Westpac led the major banks. Credit Corp led among debt collectors, joining Westpac as the highest rating in the report,” said Erin Turner, CEO of CPRC.
” ‘Other lenders’ ranked last on every single principle – and performed particularly poorly on proactive outreach, harm prevention, and support for people affected by gambling harm, scams or prison,” said Ms Turner.
But the gap between best and worst performers isn’t just stark – it reflects a system where the support you receive in hardship depends on who you owe money to.
“People in hardship should not have to fight to be seen, heard and supported yet too many still do. Lenders and debt collectors need to identify hardship earlier, prevent further harm, and offer realistic, sustainable support,” Dr Meyrick said.
Key findings
- The Big Four received the strongest overall rating, with 70% of respondents rating them positively.
- Non-major banks ranked second overall, ahead of debt collectors. Other lenders ranked last.
- Westpac was the top-ranked major bank, leading the Big Four on almost every hardship principle.
- ANZ ranked lowest among the Big Four on nine of the ten principles.
- Credit Corp was the standout debt collector, leading its category overall and on all measures and sharing the highest rating in the report with Westpac.
- ‘Other lenders’ recorded the weakest results across every principle.
- The survey also exposed serious failures in support for First Nations people, scam victims, people leaving prison, and people experiencing gambling harm – some of the most vulnerable Australians in the credit system.
What needs to happen now?
Banks, non-bank lenders and debt collectors must all:
- Lift the floor: Hardship support should not depend on a logo, so every creditor should meet a minimum standard based on FCA’s 10 Principles of Good Hardship.
- Act earlier: Build systems that identify hardship sooner, connect people to help faster and prevent avoidable harm.
- Respond better: Embed trauma-informed, tailored and specialist support for people experiencing vulnerability.
“Good hardship practice is possible – financial counsellors are seeing it and the positive impact it has on clients. The task now is making it universal, not just for customers of the best-performing institutions,” said Dr Meyrick.
“Right now, whether you get real support in a crisis comes down to which lender you happen to owe. That’s not fair and it has to change,” Dr Meyrick said.
“As our community faces sustained cost of living pressures, we’re calling on all banks, lenders and debt collectors to identify hardship earlier, prevent harm before it escalates, and embed consistent, trauma-informed support across every team.”
Financial counsellors work in community organisations and assist people experiencing financial difficulty. Their services are free, confidential and independent.
Link to fact sheet here.
Media contact: Maura Angle, [email protected] or 0418 334 121.
Please include the following contact details at the end of stories on financial hardship to ensure your readers, viewers and listeners know how to seek free and independent assistance.
“Anyone who is struggling financially can contact the National Debt Helpline on 1800 007 007 or visit ndh.org.au for self-help and chat.”