The way banks calculate interest means that Australian borrowers who sign up to pay 5.95% per annum pay something closer to 6.11%.
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Former Reserve Bank and Treasury chiefs have gone on to run Westpac, the National Australia Bank, the ANZ, and Macquarie Bank. It makes regulating those banks hard.
The Reserve Bank’s Term Funding Facility was meant to support lending during COVID. Instead the funds might be ending up in the accounts of bank shareholders.
Financial literacy is more than numeracy, it requires a healthy scepticism of financial institutions and confidence in making financial decisions.
Research shows the majority of consumers have low financial knowledge and experience, but they are also prone to behavioural biases that don’t help.
Our financial regulators ASIC and APRA need a board of oversight, similar to what the UK has, to keep them in check.
The government needs to learn from the mistakes in the US in sharing our credit history information to third parties.
ATM fees were already under pressure from new technologies. The question is, what will banks do to replace that revenue?
Kontributor teratas
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Emeritus Professor of Finance, The University of Melbourne
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Visiting Fellow, Macquarie University Applied Finance Centre, Macquarie University
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Professor of Law, Monash University
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MinterEllison Professor of Risk and Regulation, UNSW Law; Director, Centre for Law Markets and Regulation, UNSW Law, UNSW Sydney
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Senior Lecturer, Faculty of Law, University of Wollongong
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Lecturer in Primary Mathematics Education, Deakin University
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Senior Lecturer, The University of Queensland
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Visiting Fellow, Crawford School of Public Policy, Australian National University
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Lecturer, School of Accounting, Auditing and Taxation, UNSW Sydney
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Senior Lecturer, School of Accounting, Auditing and Taxation, UNSW Sydney
