Archived News for Finance Sector Professionals
The 2011 Environment Scan conducted by Innovation and Business Skills Australia (IBSA) has predicted strong growth in the Financial Services sector, forecasting that industry revenues will grow at an average rate of 5.3 percent to reach $212.5 billion by June 2015.
This follows a strong performance by the finance and insurance sector over the past decade, which has achieved an average annual growth rate of 4.8 percent between 1999 and 2009 – well above the all industries average and contributing $81 billion annually to the Australian economy.
The report noted that strong expansion of the Financial Services industry over recent years has aided growth in related sectors such as communications, property and business services.
Australia’s major banks - ANZ Bank, CBA, Westpac and NAB - have posted a profit before tax of $15.7 billion for the 2010-2011 half year, up 8 percent from last year’s $14.5 billion, however the results are mostly predictable and reflect a half year of little change, according to KPMG's survey of Major Australian Banks Half Year 2011.
The Australian Government has granted a licence to Chi-X Australia Pty Ltd (Chi-X) under s795B(1) of the Corporations Act as an alternative securities exchange to boost competition in Australia's financial markets.
Minister for Agriculture, Fisheries and Forestry, Senator Joe Ludwig, has announced that the Rural Financial Counselling Services scheme will be continued across Australia for a further four years.
The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, has announced the Government will extend the temporary loss relief for merging superannuation funds from 30 June 2011 to 30 September 2011.
The Australian Government will recommend to the Governor-General that Greg Medcraft be appointed Chairman of the Australian Securities and Investments Commission (ASIC).
The Senate Economics References Committee has released the report of its inquiry into competition in Australia’s banking sector, warning that the ‘flight to quality’ that occurred as a result of the GFC has caused concentration of the banking market and increased dominants of the ‘big four’ banks which has the potential for undesirable impacts on competition.
The NSW Premier, Barry O’Farrell, has claimed that the $4.5 billion ‘black hole’ in the State’s finances left by the former Labor Government has blown out by an extra $759 million.
An inquiry by the Parliamentary Joint Committee on Corporations and Financial Services on access to finance for small and medium business has found that while SMEs do have access to finance, it is on terms less favourable than prior to the global financial crisis.
Australia’s largest superannuation industry fund, AustralianSuper, has revealed that it will work with retail advice groups to provide its members with financial planning and advice services.
Financial services legal expert Richard St John has released a report on issues surrounding compensation for investors in financial services products.
The Federal Government has released an information pack outlining details of its Future of Financial Advice reforms, sparking widely differing responses from across the industry.
Australian companies are increasingly turning to the retail bond market to directly obtain part of their financing requirments, according to industry newsletter, Dealogic.
The Federal Government has released a discussion paper as part of its review of the need for, benefits and costs of a compensation scheme for investors who lose their money through the misconduct of a financial service provider.
A study by Deloitte has found that the majority of Australian Chief Financial Officers are more optimistic about the prospects for their companies now than they were three months ago, and are more willing to take risks.
The Assistant Treasurer, Bill Shorten, is proposing new regulations to specify which taxes, fees and charges will still be subject to the Goods and Services Tax (GST).
Australian universities have been invited to tender for $12.1m funding from the Commonwealth to host the Centre for International Finance and Regulation.
Ernst & Young’s fourth Capital Confidence Barometer has found that while nearly a third of Australasian businesses are considering opportunities for mergers and acquisitions, they are less likely now to acquire than in the previous year.
A discussion paper, Privilege in relation to tax advice, has been released by The Treasury which explores the appropriateness of establishing a tax advice privilege.