Archived News for Finance Sector Professionals

Casual workers are significantly more likely to experience financial stress, struggle to save and experience difficulty renting or purchasing a property according to a new report released by ME Bank.

HIA hits out at tax review

The Housing Industry Association (HIA) has challenged the recommendations from the Federal Government’s Business Tax Working Group (BTWG), accusing it of ‘missing the mark’ with its proposed changes to the country's business tax system.

ANZ to amalgamate

ANZ Bank has announced that after ten years of operating separately as ANZ and The National Bank of New Zealand, the two arms are to be brought together under the ANZ brand.

Commonwealth Bank tracks dropping spending

The Commonwealth Bank has confirmed that consumer spending has significantly dropped in the September quarter, with the latest Business Sales Indicator showing a 0.4 per cent drop.

Fix the system urges ASFA

The Association of Superannuation Funds of Australia (ASFA) has urged the Federal Government to focus more on fixing the gaps in the system to ensure its ability to deliver adequate retirement income.

Westpac promises 'new era' in corporate banking

Westpac and international software solutions company SAP have announced a new partnership to develop the country’s first real-time payment solution for large companies and institutions.

Councils win CDO court challenge

Three Australian Councils have won a Federal Court challenge that ruled that Lehman Brothers Australia, now in liquidation, was liable for millions lost in complex financial derivatives investments, known as collatoralised debt obligations (CDOs).

Dick Smith sold for $20 million

Retail giant Woolworths has announced it has sold electronic retail company Dick Smith to Australian private equity firm Anchorage Capital Partners for $20 million.

ANZ drops Visa shares

The ANZ Bank has announced it has sold its remaining shareholding in Visa, in a move it calls a continuing commitment to active management of capital across the banking group.

New Asia MD for ANZ

ANZ Bank has announced the appointment of Bret Packard as the new Managing Director Wealth Asia, reporting directly to Joyce Phillips, ANZ's Global CEO Wealth and Private Banking.

ASIC and Commbank settle stormy disagreement

Commonwealth Bank and the Australian Securities and Investments Commission (ASIC) have reached a resolution in relation to Storm Financial, the financial services firm that collapsed in 2008, costing investors an estimated $3 billion.

Millions lost when documents go travelling

Australian tourists have lost a collective $360 million as a result from having travel documents, including receipts, passports and traveller’s cheques being stolen or misplaced.

Survey shows promising economic outlook

The Australian Chamber of Commerce and Industry (ACCI) has published its Survey of Industrial Trends for the September quarter, revealing a strengthening of the key General Business Situation index.

Commissions sink proposed monetary union

The Australian and New Zealand Productivity Commissions have issued a joint statement effectively scrapping any possibility of a monetary union.

ISN calls for high frequency trading moratorium

Industry Super Network (ISN) has called for the Australian Securities and Investments Commission (ASIC) to implement a moratorium of high frequency trading (HFT), claiming that the practice is damaging to long-term investors, including super funds.

ASFA releases discussion paper on investing in transport infrastructure

The Association of Superannuation Funds of Australia (ASFA) has released a discussion paper exploring the future for super funds of investing in transport infrastructure.

ASIC releases surveillance and enforcement reports

A snapshot of ASIC’s surveillance work has been published for the first time, as part of its commitment to improving transparency and increasing the public’s understanding of how ASIC operates.

AustralianSuper announces plans for internal management team

AustralianSuper has unveiled plans to build an internal management team in a bid to further reduce costs.

Consultation paper on APRA's crisis management powers released

The Minister for Financial Services and Superannuation, Bill Shorten, has released for public consultation a paper titled Strengthening APRA's Crisis Management Powers which seeks comments on a range of options to enhance Australia's financial sector, particularly prudential regulation.