ANZ's markets division has overstated government bond trades by over $50 billion in a year, aiming to secure lucrative mandates for issuing Commonwealth debts.

The Australian Office of Financial Management, managing government debts, was informed by ANZ that their reported $137.6 billion in trades for the fiscal year ended June 2023 was actually $83.2 billion, a discrepancy of nearly 65%.

The error has put ANZ under scrutiny from AOFM and the Australian Securities and Investments Commission, which is also investigating alleged manipulation of the 10-year futures rate during a $14 billion bond sale.