The big four accounting firms’ brands are grounded in their histories. But looking into their past reveals many stories of discrimination.
Product intervention powers apply across investment, insurance and credit products but it will never be easy for ASIC to prove the risk of “significant consumer detriment”.
Research shows the majority of consumers have low financial knowledge and experience, but they are also prone to behavioural biases that don’t help.
The Australian Prudential Regulation Authority has been criticised for pursuing stability in a manner that has killed competition.
Our financial regulators ASIC and APRA need a board of oversight, similar to what the UK has, to keep them in check.
New credit information-sharing rules promise to open up the consumer credit market to increased competition.
The government needs to learn from the mistakes in the US in sharing our credit history information to third parties.
Bank lending standards need to be more consistent to avoid borrowers shopping around to find the lender that offers them the highest loan amount.
It’s not likely the Australian appetite for property will change but this means we need to hedge our bets against any risks by improving diversification and the way banks finance mortgages.
Applying the GST to bank products and services would increase costs for consumers but reduce distortion in our economy.
Applying the GST to banking has much sounder economic underpinnings than the current levy, would have raised much more revenue, and would have applied to all banks rather than just the big banks.
Australian Bankers’ Association chief Anna Bligh will have to manage more scrutiny from the ACCC under the new changes.
The budget included a few measures to make the banking sector more competitive, but they don’t go far enough.
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.
The treasurer referred to the A$13 billion “zombie” measures the Senate has failed to pass as a “Senate tax”, in justifying the tax increases in this budget.
The budget was extraordinary in many ways. It is an abandonment of restraint on taxes by a liberal government. It is nakedly populist and it also acknowledges that government debt can be productive.
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.
Scott Morrison is headstrong – a quality that has marked his career, including before he was an MP.
Less than three months from his second budget, Treasurer Scott Morrison is not in a happy place. The last week has been a disaster for him, culminating in the weekend exit of his strategy and communications…
Even when bank customers have a very good reason to switch, research shows they’re often reluctant to make the move.
Bank customers usually stay with their bank despite scandals in the sector, however new tech that gives consumers more information might help them switch.
Commonwealth Bank CEO Ian Narev got a 50% pay rise despite scandals involving the bank in 2016.
Just before everyone sits down for their Christmas dinner ASIC has handed two of Australia’s big four banks a big present.
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.
ANZ has already struck a deal with Apple for its contactless payment system but now four other banks are arguing the company is making competition difficult.
The competition in Australia’s contactless payment industry is heating up as Apple Pay sets up in Australia. However some banks claim the company is making the system less competitive.
NAB CEO Andrew Thorburn defended the culture of the bank he works for during the House of Representatives Standing Committee on Economics annual public hearing.
As the chief executives of Australia’s big four banks come before a House of Representatives economics committee, we ask a panel of experts what questions the banks should be answering.
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.
Bill Shorten is continuing his push for a royal commission into the banks.
Bill Shorten is continuing to pressure for a banking royal commission by highlighting rising bank profits and escalating consumer complaints in recent years.
Malcolm Turnbull announced the banks would now be regularly accountable to the parliament.
Malcolm Turnbull has announced that the heads of Australia’s big four banks will be grilled annually by the House of Representatives economics committee.
After the Reserve Bank cut the cash rate by 25 basis points to 1.5%, the four big banks said they would pass on only part of the reduction.
Malcolm Turnbull has sternly told the banks they should pass on the whole of Tuesday’s rate cut - or their chief executives must explain why they are not doing so.