Archived News for Finance Sector Professionals - August, 2012
Abacus, the industry body for the Australian mutual financial services sector, has released figures which it claims show that the customer owned banking sector – credit unions, building societies and mutual banks - are in an even stronger position than the latest APRA data indicates.
The industry body has done its own performance modelling which includes data from mutual banks which weren't captured by APRA’s report.
Six institutions that became mutual banks were not included in the 2012 APRA data, but were previously part of the 2011 data, which led to results that prevented accurate year-on-year comparisons.
CIO Index strengthens from weak base
The Chief Investment Officer Index released by the Financial Services Council (FSC) shows CIO sentiment is improving, but remains weak.
IPA calls for super to be aligned with PAYG
The Institute of Public Accounts (IPA) has called on the Government to reconsider proposed changes to superannuation in relation to fund notification requirements.
Research to rate superannuation funds
The award of one of three national scholarships to Flinders Business School PhD student Mrs Yen Bui will fund a study into the efficiency and performance of Australia’s superannuation funds.
Reserve Bank consults on Financial Stability Standards
The Reserve Bank has published a consultation paper on a proposal to determine new Financial Stability Standards (FSSs) for central counterparties and securities settlement facilities.
Sydney to host key G20 meetings
The Federal Government has announced Sydney will host a G20 Finance Ministers’ and Central Bank Governors meeting in 2014.
Government moves to introduce loss carry-back into tax system
The Federal Government has called on stakeholders to contribute to planned legislation that will see the introduction of loss carry-back into the business tax system.
Government passes international investor tax reform
The Federal Government has passed its Tax Laws Amendment (Investment Manager Regime) Bill 2012 through parliament, which aims to reduce uncertainty around the use of Australian fund managers by international investors.
The Trust Company appoints new CFO
Independent trustee company, The Trust Company (TRU), has announced the appointment of Shailendra Singh as the company's new Chief Financial Officer.
Consumer spending slides
The Commonwealth Bank’s Business Sales Indicator (BSI) has shown that consumers are returning to their conservative ways in the absence of further stimulus measures.
Government backs evidence based default super process
The Federal Government has announced its support for an evidence based and expert led process for selecting and assessing default superannuation funds in modern awards.
NAB narrows customer satisfaction gap
The NAB bank has experiencing a resurgent customer satisfaction rating amongst its business customers, according to the latest results from DBM Consultants’ monthly Business Financial Services Monitor (BFSM).
$400 million lost to fraud finds report
A report released by forensic accountant specialists Warfield & Associates has found that nearly $400 million was lost to industrial fraud, with 89 cases being documented involving 93 employees.
Government caps payday loan fees
The Federal Government has passed its Consumer Credit Legislation Amendment (Enhancements) Bill 2012 through Parliament, clamping down on what it calls loan sharks by capping the limits on what lenders can charge.
ABS figures show healthy wage growth
Figures released by the Australian Bureau of Statistics (ABS) have found a 3.7 per cent increase in the average wage of Australian workers.
Banking still tough after GFC
Financial comparison specialist RateCity has published a new study that shows that five years after the worst of the global financial crisis, its still increasingly tough for borrowers, and only better for savers who make it a point to shop around for the best money deals.
Commonwealth Bank delivers 11 per cent profit growth
Commonwealth Bank has declared a $7.09 billion stator profit after tax (NPAT), recording an 11 per cent increase from last year.
Consumer confidence flatlines
The Westpac-Melbounre Institute Index of Consumer Sentiment has fallen 2.5 per cent in the August period, down to 96.6 from 99.1 in July.
Treat your customers sweetly says report
A report released by the Financial Services Institute of Australasia (Finsia) shows that developing close professional relationships is key to the the fair treatment of financial services customers.
Logan named new AFS chief
The Australian Financial Services Group (AFS) has announced the appointment of Alan Logan as its new Chief Executive.
CEFC Board appointments made
The Federal Government has confirmed the appointment of Jillian Broadbent as the chair of the Clean Energy Finance Corporation (CEFC) Board for a five-year term. Also announced were the appointments of Michael Carapiet, Ian Moor, Anna Karbek and Andrew Stock as the inaugural members of the Board.