Yeah, all the Aussie banks suck. That's the nature of a cartel, and the recent royal commission seems to have had zero effect, despite that royal commission finding that yes, they are all pricks.
We're on Slashdot, so we are both probably aware of how easily SMS authentication can also be spoofed. I don't have this option, because even though I live in a 50 year old suburb in Australia's capital, I don't have a reliable mobile signal at my desk. Unfortunately, Telstra don't seem to be scared of the TIO, even though I have a lovely paper trail from Telstra admitting that their coverage map is incorrect, the phone doesn't work, and it has got worse since the shutdown of 3G.
The best solution I can think of for all of this is to simply mandate that a business must have a physical presence in order to do business.* If the bank wants your money, they must have a branch within some number of km of your residence. Ditto the phone company. I can hear the howls of anguish from our rural communities, but it's not like the status quo is any better for them. The obvious next step, of course, would be to nationalise a couple of banks and telcos.... just like the Commonwealth and Telstra used to be.
* I would love to see this applied to online busniesses as well. No more "selfie holding a government ID" sent to some insecure server overseas. If Facebook, Google, Coinbase etc want to do business in Australia, they should have a real office where customers can go and talk to a human to get their issues resolved. Locked out of your Facebook or GMail account? Go to their office and fix it. Hell, while I am dreaming of utopia, we should also make it a crime for the physical office to try and brush off customers by saying "why don't you use our app" instead of actually doing their job and helping. But now I'm just ranting, and I need to go and chase some kids off my lawn so I can yell at the clouds :-)