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Big Bank Earnings Are In: What They Reveal About Your Mortgage Stress

  August 26, 2026 Canada's biggest banks are in the middle of reporting Q3 2026 results, and so far the headline numbers look strong. BMO and Scotiabank both beat analyst estimates this week, and National Bank of Canada reported this morning. RBC, TD, and CIBC follow Thursday, closing out the sector's earnings season. But the number that actually matters to most Canadians isn't profit — it's what the banks are setting aside for loans that might go bad, and what they're saying about who's struggling to keep up. That's where the picture gets more interesting than the headlines suggest. The headline numbers BMO kicked off the week with adjusted profit up 22% year-over-year and return on equity climbing to 14%, with the bank reiterating its target of 15% ROE by the end of fiscal 2027. Scotiabank posted what CEO Scott Thomson called a record quarter: net income of $3 billion, up 21% year-over-year, with adjusted ROE hitting 14.2% — clearing the bank's own med...
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Australia Joins Global Shift by Recognizing Palestinian State

            Australian Prime Minister Anthony Albanese gestures during a press conference in Sydney on Dec. 12, 2024. 



Australia to Recognize Palestinian State at UN Assembly

Australia has announced it will formally recognize the State of Palestine at the upcoming United Nations General Assembly in September, joining a growing list of Western nations pushing for a two-state solution amid escalating conflict in Gaza.

Prime Minister Anthony Albanese stated that the decision is intended to “contribute to international momentum towards a two-state solution, a ceasefire in Gaza, and the release of hostages.” The recognition is contingent on commitments from the Palestinian Authority, including governance reforms, demilitarization of Gaza, and the exclusion of Hamas from any future government.

A Strategic Diplomatic Shift

Albanese emphasized that “a two-state solution is humanity’s best hope to break the cycle of violence in the Middle East.” He criticized Israeli Prime Minister Benjamin Netanyahu’s government for undermining peace prospects through settlement expansion and opposition to Palestinian statehood.

Australia’s move follows similar announcements from France, the United Kingdom, Canada, and others, signaling a coordinated effort among Western allies to pressure Israel toward a political resolution. Nearly 150 of the 193 UN member states already recognize Palestinian statehood, though the United States remains opposed.

Conditions and Commitments

The Palestinian Authority has agreed to several reforms, including:

  • Holding democratic elections
  • Ending payments to families of prisoners and martyrs
  • Instituting education reforms
  • Accepting international oversight to prevent incitement of violence

Australia’s recognition aims to isolate Hamas, which it designates as a terrorist organization, and support moderate Palestinian leadership committed to peace.

Global Implications

This diplomatic shift leaves the U.S. increasingly isolated among its Five Eyes allies, as New Zealand also considers recognition. Albanese’s announcement reflects growing frustration with the humanitarian crisis in Gaza and a desire to revive stalled peace efforts.


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