News
Westpac chief executive Brian Hartzer says regulators risk behaving like referees who call tactics rather than fouls if they interfere unnecessarily in how banks do business. Eight months after appearing at the financial services royal commission, Mr Hartzer said he respected the role and purpose of the sector regulators including ASIC and APRA. But he likened […]
US buy now pay later platform Sezzle (ASX:SZL) has started trading on the ASX following the completion of an oversubscribed A$43.6M Initial Public Offering (IPO). The Minneapolis-based tech company’s latest figures show the number of active merchants rose to 5,021 in June, a gain of 52% from the March quarter. By way of comparison, Afterpay said […]
National Australia Bank has hired Susan Ferrier as chief people officer as the lender continues a leadership overhaul that already includes a new CEO. National Australia Bank has hired Susan Ferrier as chief people officer as the lender continues its leadership overhaul. Ms Ferrer will join on October 1 and replaces Lorraine Murphy, who announced her […]
Former chair Mark Richardson and CEO Jason Gunn at Oliver’s listing Oliver’s Real Foods has accepted a loan from its founder and chief executive as its cash reserves approach what the cafe chain says will be a nadir. Oliver’s on Monday said it had accepted an offer from Jason Gunn, whose 17.3 per cent stake […]
The AICD’s quarterly report on gender diversity shows female appointments to ASX200 companies’ boards has barely grown. An Australian corporate leadership body is questioning why women still do not make up 30 per cent of ASX200 companies’ boards, given the country’s vast talent pool of female directors. The Australian Institute of Company Directors’ quarterly report […]
Business confidence is returning but a new survey shows many bosses still aren’t willing to lift wages to retain talented staff. Bosses at small and medium-sized businesses believe the economy is turning around after a year of plummeting confidence. But the new survey of chief executives also shows they expect wage growth to stay low, […]
APRA has ordered Macquarie, Rabobank and HSBC to tighten funding arrangements to ensure funds cannot be withdrawn by parent companies during financial stress. Following a review of funding agreements across the authorised deposit-taking (ADI) industry, APRA notified the three banks that the reporting of their intra-group funding as stable has been in breach of the […]
Attorney-General Christian Porter says George Calombaris’ company received a “light” penalty when it was fined $200,000 for underpaying workers. Attorney-General Christian Porter believes celebrity chef George Calombaris got off lightly for underpaying his workers almost $8 million. Calombaris was last week fined $200,000 for ripping off his restaurant staff. “I think that that fine myself […]
Very low interest rates are making for “quite extraordinary times” in the share market, the Australian Foundation Investment Company’s investment boss says. Historically low interest rates will be the driving factor for equities going forward, the managing director of Australia’s largest listed investment company says. “These are quite extraordinary times at the moment,” Australian Foundation Investment […]
Business confidence continues to be bolstered by the coalition’s election win but NAB’s quarterly survey of companies shows conditions have deteriorated. Business conditions have continued to deteriorate and now sit below average for the first time in five years, NAB’s latest quarterly companies survey shows, but there has also been a post-election jump in confidence. The […]
Instagram users in Australia will no longer be able to see how many ‘likes’ a post has a received under trial changes to “remove pressure” on the digital platform’s users. Instagram will on Thursday begin rolling out the trial update removing the total number of likes on photos and viewings of videos on user feeds […]
Reserve Bank of Australia board members agreed back-to-back cash rate cuts were necessary to eat into spare labour market capacity, but a high participation rate and an expanding working age population means it will take “some time” to achieve the ideal jobless rate. Minutes from the RBA’s July 2 meeting show members agreed a consecutive […]
Nearly 40,000 small businesses in NSW are now up to $8,175 better off per year following a second cut to payroll tax in 12 months. The payroll tax bracket was lifted from $850,000 to $900,000 on July 1, as the NSW Government progressively raises the threshold from $750,000 to $1 million by 2021-22. NSW Treasurer […]
The financial regulator is threatening action against lenders including the major banks over the sale of add-on loan and credit card insurance (CCI) that “has consistently failed consumers”. An Australian Securities and Investments Commission (ASIC) report released today found that consumer credit insurance represented extremely poor value for money and was regularly mis-sold. ASIC’s report […]
NAB faces potential class action proceedings over excess superannuation fees levied by its wealth arm. William Roberts Lawyers is inviting MLC Super fund customers to sign up to the no-win, no-fee action, which is backed by litigation funder IMF Bentham and will seek compensation plus interest for the excess fees. The action will allege that, […]
The Australian Taxation Office is being inundated by phone calls from taxpayers asking how much relief they can expect after the federal parliament passed personal income tax cuts laws tis week. But public sector union CPSU says the situation is not being helped by more than 6,500 jobs having been cut from the ATO in […]
New research by St.George Bank reveals that 75% of tradies have aspirations to be self-employed in the next 12-18 months and female tradies are alive and kicking with 40% of representation in the research. The St.George Bank Tradie Economy Report surveyed over 600 people across Australia who identify as a tradie or someone working in […]
The passing of $158 billion worth of personal income tax cuts will provide a much-needed short-term boost to economic growth but economists and business groups are already urging the Morrison government to do more. Prime Minister Scott Morrison hailed his government’s first major victory since the federal election as a win for all Australians. “This […]
Mr Gilman Edwin Wong, the former Chief Executive Officer and director of Sirtex Medical Limited, has pleaded guilty to one charge of insider trading. Appearing at the Downing Centre Local Court yesterday, Mr Wong pleaded guilty to one charge of insider trading. He was committed to the Sydney District Court for sentencing on a date […]
ANZ has again become the only big four bank to reduce variable mortgage rates in full following the Reserve Bank’s cash rate cut, while rivals CBA, NAB and Westpac will be passing on only part of the amount this time. ANZ was widely criticised last month when it passed on just 0.18 percentage points of […]
