Archived News for Finance Sector Professionals - May, 2011
The secretary-general of the world’s largest banking regulatory group, the Basal Committee for Banking Supervision, has warned of the inevitability of another global financial crisis.
Secretary-general Stefan Walter has admitted that if the current trends in international finance continue a crisis will be unavoidable.
"As long as we continue to have rapid innovation, I think in the future we're again going to have some very complex interactions which we won't understand," Mr. Walter said in an interview with The Australian Financial Review.
ATO rules no tax on Open University's dividends
The Australian Tax Office (ATO) has ruled that the seven university shareholders of Australia’s Open Universities association will not have their dividends taxed.
Resourcehouse launches Hong Kong IPO
Resourcehouse has announced its first initial public offering (IPO) on the Hong Kong securities exchange, launching in initial share sale of $3.37 billion ($HK 28.12 billion).
Rural SMEs ride resource boom
Rural and regional small-to-medium businesses (SMEs) are growing faster than their metropolitan counter-parts thanks to the influx of funds from the mining boom, disaster recovery funding and good agricultural output, according to a monthly economic report released by the ANZ.
ANZ signs strategic cooperation agreement with China Eximbank
ANZ has announced the signing of a strategic cooperation agreement with the Export-Import Bank of China (China Eximbank) which outlines intent to co-invest in the future development of trade and energy, infrastructure and engineering projects in Australia and the Asia Pacific Region.
Unseasonal rate hikes a possibility as ratings set to change
Out-of-cycle rate increases are a possibility if Standard & Poors continues with its intended overhaul of its lending system, according to reports.
Climate report strengthens government call for carbon tax
The Federal Government’s push for the establishment of a carbon tax has been significantly bolstered following the release of a new climate change report.
ASIC researches misconduct in financial services industry
The Australian Securities and Investment Commission (ASIC) has published its findings on the ‘social impact of misconduct in the financial services industry’.
Queensland to sets priority for rebuilding over credit rating
Queensland Premier Anna Bligh has announced her government’s intentions to prioritize the reconstruction of the state ahead of any bid to reclaim its AAA credit rating, according to a report in The Financial Review.
Demand for finance professionals to increase
Finance professionals and other skilled workers will enjoy increasing employment demand over the next five years according to a new report published by the Department of Education, Employment and Workplace Relations.
Latest figures show housing finance trending down
Figures released today by the Australian Bureau of Statistics show that the number of new housing finance commitments fell by 1.5 per cent in March, continuing a downward trend in home lending.
Infrastructure investment initiatives welcomed
The Financial Services Council has welcomed infrastructure initiatives in the 2011 Federal Budget, saying they would make infrastructure a more attractive investment for superannuation funds and fund managers.
ASSOB targets 100 companies to receive equity funding in the 2011-12 financial year
The Australian Small Scale Offerings Board (ASSOB), Australia's capital raising platform for equity raisings for smaller companies, has set a target of list 100 companies to raise up to $100 million in the 2011-12 financial year.
New Commission to oversee Not-for Profits
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.
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.