Economy

The Federal Court has ordered the wealth giant to pay a $5-million penalty after the bank failed to prevent its financial planners from engaging in insurance churn.

“It is possible to have too much of a good thing,” RBA governor Philip Lowe has warned in reference to a rate-induced spike in housing credit demand.

The lender’s mortgage insurance company has reported a 60 per cent increase in its statutory profit and has also announced the appointment of its new chief executive.

The Reserve Bank will proceed with its monetary policy easing strategy despite maintaining a “surprisingly” positive outlook for economic growth, according to one economist.

The competition watchdog has published the framework governing the consumer data right, which includes rules around the sharing of interest rates, fees and charges and eligibility criteria ...

Total dwelling building approvals across the nation fell by 0.2 per cent in December. However, market indicators suggest the recovery for residential construction is “not far off”.

Auction volumes and clearance rates are off to a slow start, with just 65.5 per cent of homes taken to auction clearing, new data has shown.

The Reserve Bank has made its first cash rate decision for the new decade.

The Reserve Bank of Australia has announced its first rate decision for the year 2020.

Neobank 86 400 has launched three new savings accounts, each earning a maximum interest rate of 2.25 per cent for balances up to a combined $300,000.