Archived News for Finance Sector Professionals
The Federal Government has announced the extension of drawdown relief for account-based pensions to the 2012-13 financial year, following a 25 per cent reduction to the minimum payment amounts for such accounts.
"The provision of drawdown relief for the past four years has assisted account-based pension holders by reducing the need for them to sell assets at a loss in order to meet the minimum payment requirement,” Assistant Treasurer Bill Shorten said.
The Government halved the minimum payment amounts for account-based pensions for the 2008-09, 2009-10 and 2010-11 financial years. A more limited form of drawdown relief was provided for 2011-12, through a 25 per cent reduction in the minimum payment amounts.
Gale leaves Count Financial
The Chairman of Count Financial, Barry Lambert, has announced that Andrew Gale has offered his resignation from the positions of Chief Executive Officer, Managing Director and as a Director of the company.
Superannuation Guarantee age limit abolished
The Federal Government has successfully passed legislation that will remove the age limit of employer contributions to superannuation.
Australia awarded Fitch AAA
Australia has been awarded an AAA credit rating from Fitch, meaning that Australia now holds the top rating from all three ratings agencies for the first time.
Federal Government releases mid-year budget outlook
The Federal Government has released the 2011-12 Mid-Year Economic and Fiscal Outlook (MYEFO), outlining what the government describes as ‘solid economic growth, low debt and a return to surplus in 2012-13’.
Government releases discussion paper on dividends payment test
The Federal Government has invited stakeholders to comment on a discussion paper canvassing options for possible amendments to the dividends payment test.
OECD outlook backs Australia's fundamentals
The Organisation for Economic Co-operation and Development ‘s (OECD) Economic Outlook report has found that the fundamentals and outlook for the Australian economy remain in a healthy state, despite continuing deterioration of the global economy.
Future Fund boss urges caution
David Murray, the chairman of Australia’s Future Fund, has warned that the Federal Government risks following Europe into financial calamity if spending is not reined in and productivity boosted.
Bluescope raises $338 million in capital raising
Struggling steelmaker Bluescope has announced it has raised $338 million of the planned $600 million in its capital raising initiative, completing its institutional entitlement offer.
ANZ CEO to chair Bankers Association
ANZ CEO Mike Smith has been announced as the Chairman of the Australian Bankers Association (ABA), with Citi’s Stephen Roberts as Deputy Chairman.
MTAA announces new appointments
MTAA has announced a range of Board and Executive appointments aimed at expanding the fund’s skill base and continuing the fund’s policies of transparency, accountability and best practice in governance.
Westpac restructures
Westpac’s CEO Gail Kelly has announced a new orgainsational structure for the banking group, aimed at accelerating the next phase of its growth strategy.
Mining tax passes lower house
The Federal Government’s Minerals Resources Rent Tax (MRRT) has passed the lower house in a late-night deal struck between the government and the Federal Greens.
Federal Government to defer interest phase down
The Federal Government has announced it will defer its phase down of interest withholding tax for another year.
Nigel Williams appointed ANZ risk officer
ANZ has announced Nigel Williams as the company's chief risk officer and new member of the ANZ Management Board, reporting directly to ANZ's CEO Mike Smith.
Mr Williams is a career banker with extensive experience in Australia, New Zealand and Asia. Since 2008, he has been Managing Director, Institutional Australia having previously held the role of Managing Director, Institutional, Corporate and Commercial Banking in New Zealand. He joined ANZ in 2004 following the acquisition of The National Bank of New Zealand where he held various Credit, Markets, Treasury and Operational roles within the Lloyds TSB Group.
Commenting on Mr Williams’ appointment, Mr Smith said: “We are very pleased to have Nigel succeed Chris. He’s a career banker with international experience and a strong track record in credit and markets risk. Nigel is ideally qualified to build on the strong risk foundation established by Chris over the past four years.
“I also want to acknowledge Chris’s contribution to ANZ and to the risk management profession in the region. He has worked with me at both ANZ and HSBC and in my view he’s the outstanding risk officer in Asia Pacific."
Mr Williams’ appointment is subject to regulatory approvals and effective following the planned retirement of Chris Page who has been Chief Risk Officer at ANZ since 2008.
Earnings beat expectations
The Australian Bureau of Statistics (ABS) has published its August quarter report on earnings, showing a higher than expected weekly average income increase.
Mortgage rates up 42 per cent in a decade
Between 1999-2000 and 2009-10, average weekly housing costs for private renters increased by $78 per week or 34% (CPI adjusted) and average weekly housing cost for owners without a mortgage increased by $5 per week or 17% (CPI adjusted).
RBA confirms liquidity facility
The Reserve Bank of Australia (RBA) has confirmed it will form a committed liquidity facility (CLF) to assist in moving Australia's financial markets more in line with the Basel III liquidity reforms.
Government issues covered bonds
The Federal Government has released the first round of issued bonds in an attempt provide cheaper, more stable and longer term funding for the country’s financial system. Treasurer Wayne Swan said the reform was also aimed at increasing credit availability.
Federal Government under fire for ASIC chief appointment
The Federal Opposition has called for Treasurer Wayne Swan to provide evidence of due diligence in the government’s appointment of ASIC chief Greg Medcraft.
APRA releases consultation paper
The Australian Prudential Regulation Authority (APRA) has released a consultation discussion paper outlining proposals to introduce a new prudential standard for deposit-taking institutions (ADI) that issue covered bonds.