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Economy

New banking inquiry in the offing

Treasurer Josh Frydenberg has told the banks and regulators that they will face an inquiry down the track to ensure they have lifted their game post-royal commission. 

New banking inquiry in the offing
New bill to level playing field for mutuals

A CEO has welcomed the introduction of legislation that would “remove a handbrake” that has held back customer-owned banks from competing more fiercely with the majors.

Heritage Bank
Government ‘lays the tracks’ for data economy

An economy-wide open data system is inching closer to reality following the introduction of the Consumer Data Right bill into Parliament.

Data
AMP profits shrink by $820m in 2018

The embattled wealth giant has confirmed that its statutory net profit fell by $820 million in 2018, due to costs associated with the royal commission, portfolio review and risk management ...

AMP
Bank thickens mortgage book by 20%

A non-major lender has reported an annual residential home loan portfolio growth of $6.1 billion.

Macquarie
Potential rate cut driving consumer confidence boost

The prospect of a possible rate cut by the RBA has helped lift consumer confidence in February, according to a new consumer sentiment survey.

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AusPayNet names new CEO

The Australian Payments Network has revealed that Andy White will take over the reigns as its new chief executive.

Andy White, Auspaynet
Neobank partners with wealth management platform

Australia’s newest bank has partnered with wealth management platform Spitfire to enable its clients to access its soon-to-be launched deposit products.

mortgagebusiness
AMP appoints first Australian managing director role

AMP Capital has announced the appointment of Marsha Beck to its newly created role of managing director Australia.

AMP
PM wants people to ‘face consequences’ for misconduct

The Prime Minister has said that he wants to “see people face consequences for their actions” in respect to misconduct in the financial services sector, following suggestions some players ...

PM wants people to ‘face consequences’ for misconduct
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