Cryptocurrency price outlook 18 December 2019

Bitcoin’s Christmas crash Bitcoin has lost 8 per cent of its value in one week of pre-christmas trading since 11 December, [charts from coinbase.com]. Bitcoin [...]

POSTED ON December 18, 2019
eBay army demand answers

eBay discussion boards are full of sellers not wanting to have to offer PayPal if they don't choose to. That change was introduced by eBay [...]

POSTED ON July 8, 2008
Card fees go up

Fees on credit cards have gone up over the last five years even faster than the increase in overall banking charges. Cards with rewards programs [...]

POSTED ON July 8, 2008
St George customers pay more

St George customers will pay an extra $10 per week on an average 30 year, $250,000 mortgage after the bank raised home loan interest rates [...]

POSTED ON July 7, 2008
RateTracker wins market share for BankWest

The Rate Tracker home loan offered by BankWest has been the main driver behind the increase in the bank's residential mortgage book, according to Paul [...]

POSTED ON July 7, 2008
Swan says no to Aussie Mac

Treasurer Wayne Swan ruled out the possibility of creating a government-backed mortgage lender to ease pressure on housing affordability. In an interview with Business Spectator, [...]

POSTED ON July 4, 2008
Small business borrowing down

Declining confidence levels among small business is restraining demand for new lending by smaller and medium sized businesses across all industries, according to an analysis [...]

POSTED ON July 4, 2008
eBay backs down over PayPal

eBay Australia has backed down on its plan to force all buyers and seller to use PayPal. In an announcement posted on eBay.com.au yesterday morning [...]

POSTED ON July 4, 2008
Frequent Flyer float likely

Qantas say it will retain a stake of between 50 per cent and 60 per cent in its frequent flyer program if the company's board [...]

POSTED ON July 2, 2008
City Pacific holds back dividends

City Pacific has had to defer the already deferred payment plan for the unaffordable interim dividend of 15 cents a share (or $33 million in [...]

POSTED ON June 30, 2008
RBA buys more mortgages from banks

The Reserve Bank is encouraging Australian banks to package up mortgages into securities. 55 billion dollars of mortgages have been turned into residential mortgage backed [...]

POSTED ON June 30, 2008
Bill Express deals with Saudis and police

The Australian Federal Police were conducting inquiries at Bill Express' Melbourne premises yesterday. The inquiries relate to the transfer of funds into bank accounts not [...]

POSTED ON June 27, 2008
Bendigo gives up lending market share

Unlike most of their retail bank peers Bendigo and Adelaide Bank appear to be conceding some market share to rival banks, even as almost all [...]

POSTED ON June 27, 2008
Super and banking merge into one

More banks are working on plans to launch loan products for superannuation funds, despite continuing uncertainty about the government attitude to a loosening of the [...]

POSTED ON June 26, 2008
Elders Bank suffering from competition

The earnings of Elders Rural Bank may be a little lower in the financial year that ends next week. Management of Futuris Corp said in [...]

POSTED ON June 26, 2008
Financial stocks no longer mainstays

Banks, property and infrastructure should no longer be considered defensive stocks by investors said an analyst from Goldman Sachs JBWere. The three sectors had all [...]

POSTED ON June 26, 2008
Property is a buyers market

Rising interest rates, declining consumer and business sentiment, falls in the sharemarket and climbing inflation have all contributed to a softening in the property market [...]

POSTED ON June 26, 2008
Foreign banks do well

The 31 foreign banks operating in Australia reported an aggregate net profit of $722 million in the year to December 2007, up from $304 million [...]

POSTED ON June 25, 2008
Money arguments are abuse

Emptying a spouse's bank account will become grounds for an intervention order under proposed laws to be introduced to the Victorian parliament today. Behaviour that [...]

POSTED ON June 25, 2008
Business likes Bendigo Bank

Suncorp and Commonwealth Bank lead the way in posting some very big increases in business banking customer satisfaction, according to the latest TNS business finance [...]

POSTED ON June 24, 2008
Banking code needs big changes

Recommendations for changes to the Code of Banking Practice, included in an issues paper released last month, do not go far enough to promote industry [...]

POSTED ON June 24, 2008
Let banks sell mortgage debt say professors

Poor risk management and flawed mortgage origination practices are to blame for problems in debt markets, not the bundling up of mortgages into securities to [...]

POSTED ON June 24, 2008
Fixed rate mortgages going up

Markets are pricing in two more 0.25 per cent rate increases in the short term. Fixed term mortgage rates increased in June. Banks have been [...]

POSTED ON June 23, 2008
Aussie banks are small

Australian banks need to merge to compete internationally says ANZ CEO Mike Smith. The four pillars policy which protect the big banks from takeovers by [...]

POSTED ON June 23, 2008
Mortgage insurance business risky

Mortgage insurer PMI has reported a decline in profit as claims rise. Net profit fell to $76 million from $79 million. PMI generated a nine [...]

POSTED ON June 20, 2008
Investors go for safety

Term deposits and cash investments are growing in popularity as investors shy away from equities. The ASX200 has dropped 15.4 per cent this year and [...]

POSTED ON June 20, 2008
Westpac seek $1bn in capital

Westpac will sell $600 million, and as mush as $1 billion, ASX-listed stapled securities. The tradeable hybrids, a form of preference share, pay a cash [...]

POSTED ON June 19, 2008
Property taxes in decline

Most property owners would like stamp duty on property purchases to fall, and there's a new effort - led by former Westpac and Treasury chief [...]

POSTED ON June 19, 2008
Comparison rate under fire

Lenders will no longer be required to provide comparison rate schedules to borrowers, in a proposed change to consumer credit rules that follows the publication [...]

POSTED ON June 18, 2008
Borrowers in trouble in NSW

Lenders with customers in arrears on home loans of 90 days or more are overwhelmingly concentrated in New South Wales, a new analysis of the [...]

POSTED ON June 18, 2008
Lenders will be flexible in WA

Banks and lenders will be flexible with workers affected by the WA gas shortage. The premier Alan Carpenter has been negotiating with institutions following the [...]

POSTED ON June 17, 2008
Non bank lenders to be regulated

Non bank lenders should be brought under national regulations according to the minister for corporate governance Nick Sherry. Mr Sherry said consumers needed to be [...]

POSTED ON June 17, 2008
Car lender increases profits

Luxury vehicle financer BMW Australia Finance reported a 17 per cent increase in net profit to $65 million for calendar year 2007, bucking the trend [...]

POSTED ON June 17, 2008
ANZ pushes ahead in Asia

ANZ Bank will triple its number of branches in Asia and boost ATM numbers in the region from 115 to 1000. The bank is also [...]

POSTED ON June 17, 2008
Stamp duty on hit list for home affordability

Stamp duty exemptions should be given to all first home buyers and downsizing retirees according to a parliamentary inquiry into housing affordability. The senate committee [...]

POSTED ON June 17, 2008
Online commerce set for shake up

Online commerce and payments are set for a shake up following the ACCC's ruling against eBay's PayPal-only plan. The minister for broadband and the digital [...]

POSTED ON June 17, 2008
Elderslie sold

The owners and management of Elderslie Finance Corp have negotiated a sale of the business, but naming the identity of the party willing to buy [...]

POSTED ON June 16, 2008
Car lender losing money

FCA Holdings, formerly Ford Credit Australia Limited, has reported a lacklustre net profit of $24.8 million, down a quarter from the previous year. The 2007 [...]

POSTED ON June 16, 2008
B&B execs surprised by share price crash

The finances of investment group Babcock & Brown remain sound and it can comfortably service its' debt according to its executives. B&B is expected to [...]

POSTED ON June 16, 2008
Lending for investment stalling

Lending for property investment is falling due to a fall in the market for property investors. Non-bank lenders are suffering sharp falls in loan volumes [...]

POSTED ON June 16, 2008
Interest rates to remain high

The restrictive monetary policy that Australia has shifted to over the last two years is, if anything, going to get more restrictive said the governor [...]

POSTED ON June 16, 2008
ASIC acts against super home loans

Macquarie Group has been asked by ASIC to stop marketing its' Property Lever loan product until questions about its' structure have been resolved. Property Lever [...]

POSTED ON June 13, 2008
Demand for home loans crumbling

High interest rates are dampening demand in the housing sector. The number of loans taken out for owner-occupied homes in Australia fell by 3 per [...]

POSTED ON June 13, 2008
Pressure to lift rates easing

Rising unemployment numbers are easing the pressure on the Reserve Bank to lift interest rates above 7.25 per cent despite rising inflation. Employment levels fell [...]

POSTED ON June 13, 2008
Suncorp quits rural New South Wales

Over the coming month Suncorp will close retail bank branches in Bendigo, Goulburn, Taree, Albury, Wagga and Dubbo. The sites were originally GIO offices and [...]

POSTED ON June 12, 2008
Budget jewellery chain folds

Kleins, a budget jewellery and accessories retail chain, will close its Australian operations over the next few weeks after attempts to find a buyer failed. [...]

POSTED ON June 12, 2008
Lending on the wane

The Australian Bureau of Statistics said that lending finance fell by 9.9% in April, compounded by a 14.6% fall in business loans. Housing finance for [...]

POSTED ON June 12, 2008
Confidence in the dumps

Consumer confidence fell to its lowest level in more than 15 years. Westpac blamed petrol prices, along with high mortgage rates and the price of [...]

POSTED ON June 12, 2008
ANZ taps super deposits

ANZ and Russell Investment Group have linked to provide an all-in-one superannuation, pension and bank account. The account is an extension of the Russell Private [...]

POSTED ON June 12, 2008
ACCC polling Westpac and St George

The Australian Competition and Consumer Commission is asking customers what they think of the proposed merger between Westpac and St George Bank. The ACCC has [...]

POSTED ON June 12, 2008
BankWest expanding, not selling

BankWest torpedoed speculation over whether HBOS might sell its Australian retail bank. Retail chief Ian Corfield said HBOS was "completely committed" to Australia for the [...]

POSTED ON June 12, 2008
Rabobank looks for more agribusiness

Rabobank Australia increased its' share of the farm lending market in 2007 and expects to make further inroads this year. The bank announced a 144 [...]

POSTED ON June 11, 2008
Cash account competes for online dollar

Commonwealth Bank is adding a MasterCard backed cash account to it's CommSec online broking service. Customers can use the facility to make purchases online as [...]

POSTED ON June 11, 2008
Bank merger threatens customer service

A combined Westpac and St George business banking operation would struggle to maintain the level of customer service currently offered by St George, a research [...]

POSTED ON June 11, 2008
Rising rates bite mortgage market

The number of new home loans written in Australia fell three per cent in April to a 17 month low as rising interest rates impact [...]

POSTED ON June 11, 2008
Slow down for Seiza

Seiza Capital is the latest specialist lender to scale back its operations as it comes up against funding limits.Seiza chief executive Simon Robinson said the [...]

POSTED ON June 10, 2008
Challenger cuts lending by three quarters

Challenger Financial Services Group has clarified the extent of the slow down in its mortgage business in recent months.The group's chief executive, Mike Tilley, said [...]

POSTED ON June 10, 2008
NSW Liberals want shared equity scheme

The Liberal opposition party in NSW wants a scheme that will allow low income earners to borrow up to 40 per cent of the value [...]

POSTED ON June 6, 2008
Record population growth

Australia's population topped the 21 million mark in 2007 after a year of the fastest growth in 20 years. The total population grew by 331,872 [...]

POSTED ON June 6, 2008
Market still a bumpy ride

The stockmarket remains highly volatile with Australia's largest broking firm CommSec reporting a large jump in trade volumes in the first week of June to [...]

POSTED ON June 6, 2008
Credit unions not easy pickings

Credit unions and mutuals may be attractive takeover targets for banks but the head of their peak body says that they are not soft options. [...]

POSTED ON June 5, 2008
Mortgage insurance claims up

PMI Mortgage Insurance has reported a 4 per cent fall in its net annual profit result due to a sharp increase in the number of [...]

POSTED ON June 5, 2008
Fickle CFD traders

A report has found that the number of contract for difference (CFD) traders doubled over the year to April 2007 as providers seek to adjust [...]

POSTED ON June 5, 2008
Savings shrink as spending continues

Household savings have dived, confounding analysts who expected that the level of savings would increase in response to tighter economic conditions. Savings as a percentage [...]

POSTED ON June 5, 2008
Economy continues growth path

The Australian economy grew faster than expected in the March quarter, increasing the probability that the Reserve Bank will increase rates further in its fight [...]

POSTED ON June 5, 2008
BankWest backs cheap loan rate

BankWest has reassured customers that, in the "hypothetical" event that it was bought by another bank, the terms applying to its RateTracker home loan would [...]

POSTED ON June 5, 2008
Macquarie leaves Virgin in the lurch

Virgin Money has been forced to shelve plans to offer a personal loan product after Macquarie Bank pulled out of plans to fund the loans. [...]

POSTED ON June 4, 2008
BankWest denies sale rumours

BankWest has denied that it is up for sale, saying that its east coast expansion plans remain on track. Rumours of a sale started after [...]

POSTED ON June 4, 2008
Suncorp turns to the west

Queensland based Suncorp, Australia's sixth largest bank, has brought forward plans to take on the west with plans to open 14 new retail banking branches [...]

POSTED ON June 4, 2008
Import growth outpaces exports

The current account deficit blew out by $800 million in the March quarter to a record $19.5 billion. While the value of exports surged by [...]

POSTED ON June 4, 2008
More scrutiny for margin loans

Margin lending activities would be subjected to increased scrutiny under a proposal to expand the powers of the Australian Securities and Investments Commission. A federal [...]

POSTED ON June 4, 2008
Rates on hold but future uncertain

The Reserve Bank left interest rates unchanged at its meeting yesterday, but governor Glenn Stevens has left open the possibility of further rate rises this [...]

POSTED ON June 4, 2008
No stopping Opes clients’ legal action

Lawyers pursuing class actions on behalf of clients of failed stockbroker Opes Prime have said that they will press ahead with their claims, ignoring pleas [...]

POSTED ON June 3, 2008
Inflation up, spending down

Indicators show that inflation is rising at its fastest rate in five years but economists say there is almost no chance of the Reserve Bank [...]

POSTED ON June 3, 2008
ING makes ID easier

ING Direct has become the first Australian bank to allow customers to open and operate a deposit account entirely online. The bank has done away [...]

POSTED ON June 3, 2008
Deposit safety to be guaranteed

The Rudd government plans to implement a scheme to guarantee the first $20,000 of a deposit in the event of a bank collapse. Depositors who [...]

POSTED ON June 3, 2008
Opes victims urged to delay action

Clients of failed broker Opes Prime have been asked to refrain from pursuing legal action. The administrator, Ferrier Hodgson, issued a circular to the broker's [...]

POSTED ON June 2, 2008
Business stress building

Households with mortgages are not the only people experiencing financial stress. Debt recovery company Prushka says that the number of small businesses struggling to make [...]

POSTED ON June 2, 2008
Property sales slide

The property market remains in the doldrums with another weekend of slow auction clearance rates. Australian Property Monitors reports that the clearance rate in Sydney [...]

POSTED ON June 2, 2008
Credit cards favoured but more expensive

A survey conducted by Citibank has found that one-third Australians use their credit cards for large purchases even though 55 per cent think that personal [...]

POSTED ON May 30, 2008
Hope for Opes clients

While nothing has been agreed yet, ANZ is continuing to discuss settlement options with Opes Prime's administrators. Hopes are growing that a cash settlement could [...]

POSTED ON May 30, 2008
Sydney’s west struggles with mortgages

Default rates on mortgages are rising in Sydney's western suburbs. While the overall levels of arrears are still low, the west and south-west of the [...]

POSTED ON May 30, 2008
NAB cuts broker rates

NAB has followed the lead of its major bank competitors by reducing the commissions it pays to brokers for home loans. Instead of 0.65 per [...]

POSTED ON May 30, 2008
Business investment slump

Business investment fell in the March quarter as the string of interest rate rises by the Reserve Bank start to bite. The fall of 2.5 [...]

POSTED ON May 30, 2008
One-tenth of housing sitting vacant

Analysis of census data has revealed that as many as one in ten privately owned Australian homes are unoccupied. Property consultant Michael Matusik found that [...]

POSTED ON May 30, 2008
Greenies scare off ANZ

The ANZ Bank has withdrawn the 10 per cent funding that it had planned to contribute to construction of the controversial Gunns pulp mill in [...]

POSTED ON May 29, 2008
Wizard finds willing suitors

Wizard franchisees have been told that potential buyers for the business have approached GE Money, but that founder and chairman Mark Bouris is not one [...]

POSTED ON May 29, 2008
Former governor warns RBA on inflation strategy

Former Reserve Bank governor, Bernie Fraser, has cautioned against responding to structural price increases by increasing interest rates. Mr Fraser was responsible for the introduction [...]

POSTED ON May 29, 2008
CBA says market repairs will take time

The fallout from the volatility in global financial markets could take another six to nine months before settling down according to the wealth management arm [...]

POSTED ON May 29, 2008
Queensland hardest state to buy home

Queensland has overtaken NSW as the least affordable state to buy a home. The latest figures from the Real Estate Institute of Australia show that [...]

POSTED ON May 29, 2008
Non-bank turns funding tap on

Hope is building that the credit markets are starting to flow again after GMAC Financial Services sold $302 million of residential backed mortgage securities. The [...]

POSTED ON May 28, 2008
Super funds under-estimate costs

Analysis of superannuation funds has found that many underestimate their total annual expenses by 0.3 to 0.6 of a percentage point. Chant West Financial Services [...]

POSTED ON May 28, 2008
Dragon still makes people happiest

St George has retained its leadership of the major banks in customer satisfaction surveys but the Commonwealth Bank has lifted itself off the bottom of [...]

POSTED ON May 28, 2008
Business borrowing falls

Business demand for credit has slumped with 7 per cent fewer applications in the March quarter than for the same quarter last year. Veda Advantage [...]

POSTED ON May 28, 2008
ANZ warns of two rate rises

Economists at the ANZ Bank are now tipping the Reserve Bank will increase rates twice more this year which would take the standard variable rate [...]

POSTED ON May 28, 2008
RBA pushes broking overhaul

Fines for brokers who fail to settle trades on time will be more than doubled with the maximum going from $2,000 to $5,000 in an [...]

POSTED ON May 27, 2008