When did ASIC’s Greg Medcraft learn about the alleged money laundering at the Commonwealth Bank?
Parliamentary hearings reveal a lot of confusion between government, regulators and industry around banking regulation. This needs to be fixed.
Westpac CEO Brian Hartzer says the bank’s move towards gender equality in management positions is a “signpost that our nation is making progress”.
Westpac’s focus on the bottom line benefits of gender diversity overlook the fact that equality is a political imperative, not a corporate one.
There are signs our frothy housing market, combined with rising interest rates, could have serious consequences for our economy.
Fully half of Westpac's loan book consists of interest-only loans, so why are the banks not more concerned about what could happen next?
There are better ways of dealing with distortions caused by the bank than the government’s quick, politically opportunistic, measure.
The new levy on banks from the budget is a small hit to their profit but it could have unintended consequences.
Data shows coal is on the way out.
As the cost of renewable energy falls, funding a new mine is a risky investment.
Victorian Treasurer Tim Pallas announced a raft of spend measures in the latest budget.
The Victorian budget brought with it an increase in privatisation, which follows on from other state budgets, but the evidence for efficiency in this type of system isn't there.
The news last week that Australia’s oldest bank, Westpac, has withdrawn from any prospect of financing Adani’s Carmichael coal mine may well be the death knell for the controversial project. Westpac is…
ASIC found that CommInsure didn’t breach the law with its handling of claims.
ASIC is telling CommInsure to do what it should have been doing all along. Let's forget the past and mistreatment of customers, it’s paradise for firms that prey on the sick and dying.
There are mixed results in research when it comes to the effect of shaming people into good behaviour.
Studies have shown that shame can motivate people to be both helpful but also vengeful, so the verdict is still out on whether it curbs bad behaviour.
The ACCC has blocked the big four banks from bargaining with Apple for more control over Apple Pay.
The banks could have used their collective bargaining power not only against Apple for Apple Pay but also stall the adoption of mobile payments in Australia.
Banking inquiries in their current form serve as political theatre, rather than as a genuine form of accountability.
Members of House Standing Committee on Economics should be asking the directors of Australia's Big Four banks (not the CEOs) different questions, if they really want the right answers.
Commonwealth Bank of Australia CEO Ian Narev attends the parliamentary inquiry into the banking system.
AAP Image/Lukas Coch
Business Briefing: fixing culture in banking and finance.
The Conversation 19.7 MB (download)
"Banking culture" has drawn a lot of scrutiny this year, after several high-profile scandals. But Professor Paul Kofman says there isn't much evidence for how to intervene if there's a problem.
ASIC has been highly critical of some of the practices of Australia’s big four banks.
An ASIC report detailing how financial advice was paid for but not given by Australia's big four banks exposes a culture problem that the government needs to deal with.
ASIC chairman Greg Medcraft could learn a thing or two from his US counterparts.
ASIC has been too slow to prosecute those accused of rigging the bank bill swap rate so it doesn't matter if the government makes the penalties harsher for those found guilty.
Commonwealth Bank chief Ian Narev was the first to appear before a parliamentary committee inquiring into the practices of the big four banks.
When the cash rate increases, lending rates shoot up like rockets, but when the opposite occurs they go down like feathers.
NAB Group CEO Andrew Thorburn will this week answer questions from another committee inquiring into banking practices.
To boost competition in banking we should give consumers better access to data and account number portability.
US bank Wells Fargo was hit with a record fine after sales-driven staff opened thousands of accounts customers never asked for.
Sales incentives must change to ensure service is rewarded over targets.
Bank customers are tired of the excuses.
The universal reform of the banking system will take more than another inquiry.
Increased requirements from APRA could have been a good thing for Australia’s big four banks.
Australia's big four banks are managing risk well, this could be contributing to their strong performance.
Westpac is one of the banks where ASIC alleges traders rigged the bank bill swap rate.
Business Briefing: the bank bill swap rate.
As more details are revealed in the bank bill swap rate rigging case we explain what the rate does, how it can be manipulated and what the government should be doing about it.