Archived News for Finance Sector Professionals - November, 2011
KPMG has published its Major Australian Banks: Year End 2011 survey of the state of the country’s major banks.
The survey found that the major banks had weathered the economic downturn and are due to post a ‘solid profit’ of $31.9 billion for the 2011 year, up 12 per cent from the 2012 result of $28.5 billion.
However, the report warns of the effects of growing global economic uncertainty.
Victoria keeps triple-A rating
Credit rating agency Standard & Poor’s has confirmed that Victoria will maintain its triple-A rating.
Ex-NAB executive joins BOM's ranks
Former NAB executive Jonathan Ayres has been enlisted by emergent Bank of Melbourne (BOM) to accelerate the company’s growth.
RBA lowers cash rate
The Reserve Bank of Australia (RBA) has announced its decision to lower the official cash rate by 25 basis points, bringing the rate to 4.5 per cent.
ANZ posts bumper profits
ANZ has announced a statutory profit of $5.36 billion for the 2010-11 financial year, up 19 per cent from the previous year.
Chi-X opens for trading
The ASX’s longstanding monopoly over the country’s securities sector has come to an end with the launch of Chi-X’s Australian trading arm.
MRRT goes before parliament
The Federal Government has introduced the controversial minerals resource rent tax (MRRT) legislation, comprising ten bills, before parliament despite still not having the numbers to get it passed in the lower house.
Government announces major super reform
The Federal Government has introduced legislation before parliament that, if passed, will see the superannuation rate boosted by 3 per cent,