Archived News for Finance Sector Professionals
New quarterly Insolvency and Trustee Service Australia results have shown a decrease in bankruptcies in the September 2011 quarter, recording a decrease by 9.3 per cent compared to the same time last year.
The new results show a fall of 531 bankruptcy applications, as well as a fall in total personal insolvency activity, which was down by 6.41 per cent.
“All states and territories with the exception of Western Australia and Tasmania recorded a reduction in bankruptcies in the September 2011 quarter when compared to the same period in 2010,” Attorney-General Robert McClelland said.
Clean Energy Finance Corporation review panel appontments announced
Reserve Bank board member Jillian Broadbent will lead an expert review panel to advise the federal government on the design of its $10 billion Clean Energy Finance Corporation.
IMF praises Australia's 'enviable' position
The International Monetary Fund has prasied Australia’s economic position, saying that the country is well positioned to continue to reap the benefits from the ongoing commodity boom, a sound financial policy framework and a stable financial services sector.
ASX to review resource and reserve disclosure rules
The Australian Stock Exchange is calling for comments from stakeholders on a consultation paper it has released on the Listing Rule reporting requirements that apply to mining, and oil and gas companies.
Austrade report highlights Australia's economic strengths
The Australian Trade Commission (Austrade) has released the 2011 Benchmark Report: Australia – A wealth of Opportunities, highlighting Australia’s economic strength and its attraction as a regional financial services centres.
Tax forum finishes
Federal Treasurer Wayne Swan has officially closed the October Tax Forum after announced the government would not conduct inquiries into issues raised by participants.
WA named a top investment destination for global resources
Resourcestocks magazine has published its 2011 World Risk Survey, finding that Western Australia shares first place with South Australia and Novia Scotia in the Australian States and Canadian Provinces survey.
Retail sales increase
The Australian Bureau of Statistics (ABS) has released data showing a lift in retail sales for a second consecutive month.
RBA holds cash rate
The Reserve Bank of Australia (RBA) has announced its decision to leave the cash rate unchanged at 4.75 per cent.
Exporters post record Asian sales
Australian exporters have recorded a trade surplus of $3.1 billion n August – the second highest on record – as well as experiencing the highest exports to Asia on record.
Treasury releases final budget outcome
The Federal Government has released the 2010-11 Final Budget Outcome, finding that the global financial downturn had wiped $40 billion off the forecasted growth rates.
Suggested tax deductions to ease pressure on families
Australian female executives have pushed for the government to make childcare and nanny services tax deductable enabling women to be available for employment and those already at work could have more opportunities for promotion.
October Forum to consider GST increase
The October Tax Forum, convening next week, will consider increasing the base rate of GST charges.
Exporters supported by banks
Bank of America Merrill Lynch and the Export Finance and Insurance Corporation (EFIC) have helped Australian businesses protect their export contract payments by signing a Master Documentary Credit Guarantee Facility.
ATO reunites fund members with lost super
The Australian Taxation Office (ATO) has developed an electronic form to make it easier to connect account holders with 5.8 million lost super accounts worth more than $18.8 billion.
Federal Government releases Tax Forum papers
The Federal Government has released two discussion papers in the lead up to the October Tax Forum.
SA keeps AAA rating
The South Australian State Government has welcomed the decision by rating agency Standard & Poor to maintain the state’s AAA credit rating.
ABS to update the CPI basket
The September quarter 2011 issue of the Australian Consumer Price Index to be released 26 October 2011, will incorporate several key recommendations from the Outcome of the 16th Series Australian Consumer Price Index Review by the Australian Bureau of Statistics (ABS). The changes are described in an information paper: Introduction of the 16th Series Australian Consumer Price Index released today by the Bureau.
The main outcome will be to update the household expenditure weights applied to the different goods and services in the CPI basket to reflect current patterns of household expenditure. A comparison between the previous household expenditure weights (June quarter 2005) and the new household expenditure weights (June quarter 2011) is included in Appendix 3 of the release. For example, household expenditure is now relatively higher on restaurant meals and lower on beef and veal.
Previously published headline CPI (All groups CPI) will not be revised as a result of the changes. The All groups CPI for the June quarter 2011 was 0.9% for the quarter, and 3.6% through the year.
The CPI has been reviewed 16 times since its introduction in 1960; these reviews make sure that the CPI basket remains relevant to Australian purchasing patterns.
The information paper presents the new CPI expenditure weights which will be used from the September quarter 2011, details the methods used in deriving the weights and highlights major shifts in weights.
The ABS produces, together with the quarterly headline CPI, a suite of related indexes that help users understand the pattern of inflationary pressures in the Australian economy. The information paper describes the composition of these series. Following the recommendation of the 2010 Review, the ABS has decided to remove the indirect charges for deposit and loan facilities from the headline CPI pending improvements to the methodology and underlying data sources. In the meantime a new analytical series will be produced - the All groups CPI including Deposit and loans (indirect charges).
The information paper also provides a mock–up of the revised format of the September quarter 2011 publication and downloadable spreadsheets to enable users to become familiar with them before the release date.
Treasurer announces G20 and IMF meetings
Federal Treasuer Wayne Swan has met with G20 Finance Ministers in Washington DC before attending annual IMF and World Bank meetings.
Guarantee to build access to working capital
HSBC Bank Australia and Export Finance and Insurance Corporation (EFIC) have announced the signing of a new Master Working capital Guarantee Facility with an aim to assist Australian exporters in gaining access to additional working capital to finance export contracts.