#Bank
ANZ’s NZ CEO departs after expenses review
ANZ’s NZ chief executive has left the bank after an internal review raised concern among board members over his personal expenses. ANZ on Monday said David Hisco had accepted that “characterisation of the expenses falls short of the standards required” and had been replaced as ANZ NZ CEO on an interim basis by Antonia Watson. […]
Westpac H1 profit falls 22% to $3.296b
Westpac chief executive Brian Hartzer says the bank’s first-half results are disappointing. Westpac has held its interim dividend despite the cost of refunding customers helping drag down first-half profit by 22 per cent to $3.296 billion. Australia’s second largest bank set aside $617 million to cover refunds and associated costs following the financial services royal […]
Analysts predict RBA will move rates
Analysts are increasingly confident the RBA will move rates for the first time since August 2016 on Tuesday in a bit to reignite stalling economic growth. The Reserve Bank cash rate could change for the first time in nearly three years this week with a cut to a new record low a real possibility after […]
Morrison: Interest rate cut up to RBA
Prime Minister Scott Morrison won’t be drawn on a possible interest rate cut by the Reserve Bank, saying any reduction is a decision for the independent central bank. Financial markets see an increased likelihood of a cut in the 1.5 per cent cash rate after inflation figures released this week showed the annual rate unexpectedly […]
Experiences are the way to capture the hearts (and wallets) of bank customers
Byline: Todd Handcock, President, Asia Pacific, Collinson Banks are facing increasing pressure to grow their business in the era of digital disruption and open innovation. Profound changes in consumer behaviour, technological innovations, the availability of a massive amount of data and the connected lifestyle of customers have led to a blurring of industry boundaries. Today’s consumers […]
NAB full-year profit drops 14% to $5.7bn
“We are determined to put things right and are taking steps to build a better bank.”
SME confidence falls but a silver lining is in sight
Why small businesses have a bright future.
Ombudsman disappointed, welcomes ABA Banking Code of Practice
New ABA Banking Code of Practice.
Macquarie gets its first female CEO
Bank gets first female leader.
Cyber security tips for a hacker-free winter holiday
Top ways to enjoy a hacker-free holiday.
Tax time splurge often a costly mistake
Don’t buy things just because you think it’s a tax lurk.
Ombudsman calls for small businesses to share examples of ‘heavy handed tactics’ by the ATO
Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has encouraged business owners to urgently contact her office if they have experienced “heavy handed tactics” by the Australian Taxation Office. The Ombudsman, together with the inspector-General of Taxation Ali Noroozi, has been directed by the Treasury to examine cases of unfair conduct the ATO. The investigation, […]
Payments app startup QPay raises $570k to draw millennial consumers away from the banks
The brains behind QPay, a payments app for uni students, have secured $570,000 in funding to challenge banks for the millennial market. Provided to QPay by high-profile investors including Sydney Angels and the Sydney Angels Sidecar Fund 2, the funding will enable the startup to release a student-targeted QPay MasterCard. According to QPay CTO and […]
Ice breaker: MarketLend’s CEO on his mission to release SMEs from the ‘stranglehold’ of banks
After spending decades working in the ‘big end of town’, Sydney barrister Leo Tyndall turned his efforts to the ‘smaller end’, eager to help promising SMEs deprived of finance by traditional lenders. In the four years since he founded MarketLend – an online lending platform inspired by international peer-to-peer (P2P) offerings – Tyndall (CEO) […]
Small businesses urged to air grievances with the Royal Commission into the banking sector
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has encouraged small businesses that have suffered from ‘questionable conduct’ by the banks to tell the Royal Commission into misconduct in the banking industry, now underway. Regarding the Royal Commission, Carnell told Dynamic Business that she’d like to see small businesses share examples of “scenarios […]
Small business interest rates hit record low
RBA data reveals the average interest on small business loans is the lowest it has been since at least 1993, with owners paying $9 billion less than they were six years ago, according to the Australian Bankers’ Association (ABA). Noting that small businesses are a significant driver of the economy, ABA Chief Economist Tony Pearson […]
Revised Banking Code leaves small businesses vulnerable to penalties, says the Ombudsman
Despite containing some positive initiatives for small business, the revised Banking Code of Practice hasn’t resolved issues with power imbalance and dispute resolution, according to Small Business and Family Enterprise Ombudsman, Kate Carnell. The Ombudsman was consulted on a draft version of the code, provided to ASIC this week for approval; however, she said she […]
FinTech body seeks changes to APRA’s proposal to reduce market barriers to challenger banks
The Australian Government’s proposal to make it easier for digital-first challenger banks to compete against industry incumbents is could be improved, according to the peak body for fintech startups. FinTech Australia has lodged a submission with the Australian Prudential Regulation Authority (APRA) in response to its discussion paper, entitled “A phased approach to authorising new entrants to […]
‘Tap and go’ reforms would save merchants $290m a year, says small business ombudsman
A parliamentary committee recommendation for banks to reduce ‘tap and go’ transaction fees has attracted support from the Australian Small Business and Family Enterprise Ombudsman Kate Carnell. The House of Representatives Standing Committee on Economics recommended that banks let merchants send tap-and-go payments from debit cards through eftpos instead of credit, and that regulatory action be taken […]
NSW retailers given green light to trade on Boxing Day under new legislative reforms
NSW Parliament has passed legislation giving retailers based outside of Sydney CBD and Bondi the option of trading on all future Boxing Days. Introduced by Treasurer Dominic Perrottet earlier this month, in accordance with the findings of an independent review by Professor Percy Allan, the Retail Trading Amendment (Boxing Day) Bill 2017 has amended the Retail Trading […]
Why banks are rejecting small business loans
When it comes to acquiring finance for your business either to get started or expand, traditionally banks have been the popular option; however, with more than half of SME loan applications being rejected by banks every year, banks are proving to be yet another hurdle for small businesses. Whether it is to fund start-up costs, […]
Securing a soft or hard loan for your SME
The modern business environment is tough, and fraught with challenges that can make or break your business. These days, it’s not enough to simply offer a quality service or product. The characteristics that set aside successful modern businesses are simple – agility and innovation. The ability to react quickly to opportunities is paramount to the ongoing […]
Strategic partnership empowers SME lender GetCapital to expand into New Zealand market
GetCapital, a local fintech lender to SMEs, has entered into a strategic partnership that enables it to service the New Zealand market. Jamie Osborn, GetCapital’s founder and CEO, said the expansion into New Zealand was the ‘next logical step’ for the company given its success in Australia. “With the large number of SMEs in […]
Understanding the risks of selling online
As with any online activity, running an ecommerce business can leave you exposed to a variety of risks. Before you launch your new venture, take some time to understand the risks of selling online, and how best to deal with them. [Note: This article is Part 4 in a seven-part series by Chris Dahl providing an […]