Archived News for Finance Sector Professionals

ANZ says that despite the “constrained environment” it operates in, it managed to achieve a $7.2 billion profit.

ASIC sees FOFA response forming

ASIC says it has observed some positive progress in the wake of Future of Financial Advice (FOFA) reforms and new fee disclosure statement rules.

Expert warns UK model would hurt local insurers

Analysts say that if ASIC follows the lead of its UK counterpart, Australia's major life insurers could be faced with a remediation bill of over $1 billion over 10 years.

Industry slams super switch

Industry Super Australia chief executive David Whiteley says “there is no room for ideology in superannuation policy”.

More scientists swing against old coal

The Australian Academy of Science has become the latest major institution to offload its fossil fuel investments.

BHP won't let downturn damage its view

The chairman of BHP Billiton says the company remains “robust and resilient”, despite taking a battering in recent months.

Chevron shells out for dodgy tax deal

Profit shifting has led to big costs for Chevron, with the Supreme Court ruling it must pay $322 million to catch up on its tax-dodging.

Steel giant propped up by pay deal

BlueScope Steel will continue with steelmaking operations at Port Kembla in the New South Wales Illawarra region, saving thousands of local jobs.

Big banks take more to cover new rules

Everyone is waiting on ANZ - after CBA and NAB announced rates changes on Friday.

ChAFTA bill moves ahead

A bill to enact the China-Australia Free Trade Agreement is making its way through Parliament.

Foxtel free to take Ten

The ACCC has no big issues with Foxtel’s plan to buy a large chunk of Network Ten.

Pokie exploitation could face court

Law firm Maurice Blackburn says it may launch legal action against poker machines, arguing that they breach consumer law.

Santos rejects big bid

Fossil fuel giant Santos has rejected a $7.1 billion takeover offer from an elite syndicate of Middle East and Asian ruling families.

Australians see unfriendly future

New research suggests Australians foresee a future where their society is more skilled, but less friendly and moral.

New Family Benefits bill seeks to hurt less

The Federal Government is introducing a reduced set of Family Tax Benefit cuts to those proposed in the 2014 budget.

Private sector seeks SA water sale

An industry lobby says selling-off SA Water would raise up to $13 billion for the struggling South Australian economy.

Analysts see bank moves hitting housing

There has been plenty of bad press about Westpac’s sudden rate hike this week, but Morgan Stanley analysts say it could reach even further than most already fear.

National Australia Bank and Commonwealth Bank of Australia are joining a group of 20 global banks in a trial of “distributed ledger” technologies, which use the same “blockchain” approach that underpins bitcoin transactions.

Government charging ahead to take choices

The Federal Government has been accused of storming ahead on plans to impose strict restrictions on Indigenous welfare recipients, by way of a cashless welfare card.