Archived News for Finance Sector Professionals
A new Australian Charities and Not-for-Profits Commission (ACNC) will begin operation from 1 July 2012 with responsibility for determining the legal status of groups wanting charitable, public benevolent institution, and other NFP benefits.
The new Commission, announced in last week’s budget, will also provide education, technical support for the sector, and establish a public information portal by 1 July 2013.
From 1 July 2011, the government will set up an Implementation Taskforce to establish the ACNC and to consult with the public, the NFP sector and government agencies on a new reporting framework and public information portal. The head of the Taskforce is expected to be the Commissioner of the ACNC.
IPA Concerns about lack of funding for regulatory oversight
The Institute of Public Accountants, (formerly National Institute of Accountants), has expressed concern about the lack of funding in the 2011-2012 budget for the increases in regulatory oversight planned by the Australian Government.
Report forecasts strong growth for Financial Services sector
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.
Driving the Australian dollar higher
The so-called carry trade is believed to be behind much of the recent spurt in the Australian dollar's value against the Greenback.
Steady half year for major banks
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.
Government approves new securities exchange
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.
Rural Finance Counselling Services to be continued
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.
Extension of Capital Gains Tax Loss Relief for Fund Mergers
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.
Government appoints Greg Medcraft as ASIC Chairman
The Australian Government will recommend to the Governor-General that Greg Medcraft be appointed Chairman of the Australian Securities and Investments Commission (ASIC).
Senate report recommends improvements to encourage banking competition
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.
NSW "Black Hole" blows out: Premier
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.
Inquiry highlights need for SME access to finance
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.
KPMG launches investment consulting arm
KPMG has launched KPMG Investment Consulting to provide investment advice and support to superannuation funds and other institutional investors.
Super giant eyes financial planning role
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.
Paper calls for feedback on financial services compensation
Financial services legal expert Richard St John has released a report on issues surrounding compensation for investors in financial services products.
Future of Financial Advice reforms get mixed reception
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.
Companies turn to retail bond markets
Australian companies are increasingly turning to the retail bond market to directly obtain part of their financing requirments, according to industry newsletter, Dealogic.
Call for comment on financial advice compensation
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.
CFO's optimistic about the future
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.
Exemption of taxes, fees and charges from the GST - Exposure Draft Regulations
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).
Call for tenders to establish Centre for International Finance and Regulation
Australian universities have been invited to tender for $12.1m funding from the Commonwealth to host the Centre for International Finance and Regulation.