What is Facebook Pay?

It makes paying and sending money as easy as inserting an emoji into a text message. Facebook’s Libra cryptocurrency project may be struggling but another [...]

POSTED ON November 26, 2019
Retirement costs go up

The cost of a comfortable retirement rose by 1.1 percent to $49,502 a year in the March quarter according to Westpac and the Association of [...]

POSTED ON August 15, 2008
Big mortgage insurer bought by big insurer

Mortgage insurer PMI Australia and New Zealand, and its sister business in Hong Kong, are being bought by QBE insurance in a deal believed to [...]

POSTED ON August 15, 2008
Commonwealth loses business customers

Commonwealth Bank share of business lending fell during the 2007/08 financial year - from 12.4 to 12.2 per cent if you follow the APRA figures; [...]

POSTED ON August 14, 2008
Banks have no excuses for not cutting rates

Interest rates on 90-day bank bills have fallen by half a percentage point over the past three weeks leaving banks no with no excuses for [...]

POSTED ON August 14, 2008
Green light from regulator for St George/Westpac

The Australian Competition and Consumer Commission has concluded that the proposed acquisition of St George by Westpac is unlikely to substantially lessen competition under section [...]

POSTED ON August 14, 2008
St George on track for big profit

St George bank has contained its bad debt exposure to the likes of Centro Properties, Allco Finance and Octaviar and expects to achieve the guidance [...]

POSTED ON August 13, 2008
Struggling seniors should sell up

Elderly Australians are asset rich but income poor according to a new study released yesterday by the Social Policy Research Centre at the University of [...]

POSTED ON August 13, 2008
Deposits pour in at St George

St George Bank has grown its retail deposit book by almost 19 per cent over the past year and in the process has been able [...]

POSTED ON August 13, 2008
Profit surges up for Bendigo & Adelaide

Bendigo and Adelaide Bank reported that after tax profit rose 40 per cent to $170 million for the year to June 30 2008. Bendigo shares [...]

POSTED ON August 12, 2008
NAB looks to expand into shares

National Australia Bank is trying to buy Citi Smith Barney, the domestic retail and private client arm of investment bank Citi but has not yet [...]

POSTED ON August 12, 2008
RBA tips unemployment to rise

The Reserve Bank of Australia expects the economy to generate 80,000 new jobs in the next year, down from about 250,000 per year in recent [...]

POSTED ON August 12, 2008
Outsourced personal info to get safeguards

The Australian Law reform Commission has recommended that if an organisation in Australia transfers personal information about an individual to a recipient outside Australia, the [...]

POSTED ON August 12, 2008
Commission wants better credit reporting

The Australian Law Reform Commission has recommended for improvements to data quality and security for credit reporting agencies. The ALRC has recommended that the credit [...]

POSTED ON August 12, 2008
Comprehensive credit reporting rejected

Lenders have been disappointed by the Australian Law Reform Commission report that has rejected comprehensive credit reporting which details a consumer's repayment record, rather than [...]

POSTED ON August 12, 2008
Credit laws get reviewed

Lenders will learn more about applicants for loans under proposals to change credit reporting laws expected to be delivered to the government today by the [...]

POSTED ON August 11, 2008
Shareholders review Members Equity bank

Members Equity Bank is to be subjected to a strategic review of its direction by its four largest industry fund shareholders. Melbourne consultants LEK have [...]

POSTED ON August 11, 2008
Workers and taxpayers to pay for better super

Workers and taxpayers will shoulder the financial burden of providing better superannuation outcomes for employees because the government has ruled out raising the nine per [...]

POSTED ON August 11, 2008
Temporary residents can collect their super

Temporary residents will now be treated the same under superannuation law as Australians under changes announced by the Government that reverses a previous decision. In [...]

POSTED ON August 11, 2008
Westpac emerges

Westpac is expected to emerge from this earnings reporting season as the best placed bank amongst the big four in dealing with the global debt [...]

POSTED ON August 11, 2008
Mortgage broker posts strong sales growth

Australia's largest mortgage broker, Australia Finance Group, reported sales in July 2008 were 17 per cent up on June. Total July sales for AFG were [...]

POSTED ON August 8, 2008
NSW willing to give up stamp duty

The NSW government says it would be willing to abolish stamp duty on property if it were compensated by the federal government. A Treasury discussion [...]

POSTED ON August 8, 2008
Grocery Choice website is a farce

The federal government's new $13 million Grocery Choice website is a farce that treats independent retailers unfairly says the National Association of Retail Grocers of [...]

POSTED ON August 7, 2008
Banks may not pass on rate cuts

New mortgage sales fell in the first half of 2008 by 25 per cent according to the Australian Bureau of Statistics. CommSec said the figures [...]

POSTED ON August 7, 2008
Wealth managers struggle

Fund inflows across the wealth management industry continue to fall. The worst March quarter ever for flows in to investment products has raised expectations of [...]

POSTED ON August 6, 2008
Consumer demand for credit dries up

Consumer demand for credit flattened in the June 2008 half, according to the latest Veda Advantage consumer credit demand index. Consumers made 3.26 million applications [...]

POSTED ON August 6, 2008
Credit card surcharging widespread and growing

Surcharging may be becoming more common on credit card payments, data published by East & Partners suggests. East said that among very large merchants, up [...]

POSTED ON August 5, 2008
Account switching is too much trouble

Fifty-four per cent of the 2,000 respondents to a Research International banking survey said changing bank accounts was more trouble than it was worth, up [...]

POSTED ON August 5, 2008
House prices falling

House prices fell 0.3 per cent in the June quarter, and gained 8.2 per cent in the year to June according to the Bureau of [...]

POSTED ON August 5, 2008
Suncorp’s bank business slows sown

Suncorp expects a significant slowdown in lending in the group's banking operations in the current financial year, chief executive John Mulcahy said. On Friday the [...]

POSTED ON August 4, 2008
Hard to make ends meet on $273/week

Pensioners need an immediate raise in the base pension rate by $30 per week say seniors lobby groups. Single rate pensioners on $273 per week [...]

POSTED ON August 4, 2008
Banks fatten up for lean times ahead

Banks are enjoying rising profit margins and less competition from non-bank lenders says a new report from Infochoice. Home repossessions are also rising to a [...]

POSTED ON August 4, 2008
Market unimpressed by new NAB boss

NAB shares fell 76 cents yesterday to $24.70 following the announcement of the departure of John Stewart and the appointment of his successor as CEO [...]

POSTED ON August 1, 2008
Banks maintain credit ratings

Commonwealth Bank and Westpac are both expected to announce write downs for bad debts, but neither are expected to release news as bad as NAB [...]

POSTED ON July 31, 2008
Rocky times for whole financial group

Rockstead Financial Services has followed its subsidiary First Capital Securities into voluntary administration. The ASX-listed asset management and property finance group announced yesterday that it [...]

POSTED ON July 30, 2008
PayPal sets up compensation fund

eBay Australia's seventh largest power seller has gone bust leaving thousands of online shoppers out of pocket. PayPal Australia has established a special fund to [...]

POSTED ON July 30, 2008
NAB rejects interest rate plan

State government plans to regulate bank interest rates would reduce the effectiveness and efficiency of the banking system said Ahmed Fahour, chief executive of NAB. [...]

POSTED ON July 30, 2008
Business customers are happy with their banks

Overall business customer satisfaction with financial institutions has risen 5.2 percentage points in the six months to June and 8.1 percentage points in the year [...]

POSTED ON July 30, 2008
Credit Unions and Bendigo Bank are favourites

According to the latest Roy Morgan Research customer satisfaction survey the only bank to improve its rating over the year to June was BankWest, which [...]

POSTED ON July 30, 2008
City Pacific investors must wait

Investors in City Pacific Mortgage Fund will be made to wait up to a further 180 days for any redemption request, dragging out the waiting [...]

POSTED ON July 29, 2008
ING is a big banker

ING Direct chief executive Dick Harryvan says the bank has aspirations to be the biggest financial services group in the world within five to seven [...]

POSTED ON July 29, 2008
Super crash

The median balanced super fund lost 3.9 per cent in June, and 6.39 per cent over the year to June according to data released by [...]

POSTED ON July 29, 2008
Centrelink compensates share losses

People receiving a part pension from Centrelink can boost their entitlements if they can show that their assets have declined in value since last valued [...]

POSTED ON July 28, 2008
Depositors cash in

Investors are cashing in on high rates of return from simple deposits in the bank, as market turmoil drives other investments down. Banks are desperate [...]

POSTED ON July 28, 2008
Housing costs keep kids at home

About one in five people aged 25 to 29 are still living in their parent's home, compared to just ten per cent twenty years ago, [...]

POSTED ON July 25, 2008
Profiteering banks resist competition

The Commonwealth Treasury has suggested that Australian banks are profiteering from customers. In a submission to a parliamentary committee looking at the issue of competition [...]

POSTED ON July 25, 2008
CBA eyes ABN Amro for CommSec

Commonwealth Bank entered exclusive negotiations with ABN Amro's owners The Royal Bank of Scotland yesterday to buy the Australian arm of the Dutch bank. Analysts [...]

POSTED ON July 24, 2008
Low doc borrowers late with repayments

More than fourteen per cent of borrowers who have non-conforming loans are in arrears, a percentage that has stabilised over the last quarter. Total home [...]

POSTED ON July 24, 2008
Mortgage stress overstated

RFI research director Alan Shields said there was no evidence of deterioration in mortgage stress despite the findings of the Genworth Financial Mortgage Trends Report [...]

POSTED ON July 23, 2008
NAB panders to Wayne Swan

National Australia Bank is pandering to the government in launching a home loan with no early exit, discharge or settlement fees, says banking industry newsletter [...]

POSTED ON July 22, 2008
Take a super deep breath says government

Australians should expect their super fund to have lost about 6 per cent of their retirement savings this year said the minister for superannuation, Senator [...]

POSTED ON July 22, 2008
DIY super goes to cash and term deposits

The self managed superannuation funds sector continued to expand during the 2008 March quarter. The number of SMSFs at the end of March was 378,656, [...]

POSTED ON July 21, 2008
Depositors get nine per cent return

Depositors can get returns from high interest online savings accounts and term deposits right now as the banks turn to retail deposits amid ongoing credit [...]

POSTED ON July 21, 2008
Global banks target affluent travelers

Citibank joined HSBC last month in offering a global transaction banking and investment account for affluent customers. These accounts make it easier for frequent travellers [...]

POSTED ON July 15, 2008
NAB, AMP and Suncorp raise rates

National Australia Bank has followed CBA, ANZ and St George and announced that interest rates on its home loans will rise 0.15 per cent to [...]

POSTED ON July 15, 2008
NAB shareholders cool on reinvesting dividends

Shareholders in National Australia Bank have largely spurned the opportunity to reinvest into the bank through its dividend reinvestment plan. The bank on Friday confirmed [...]

POSTED ON July 14, 2008
Commonwealth, ANZ raise rates

Commonwealth and ANZ banks have followed St George and raised interest rates on their home loans outside of moves by the Reserve Bank. The Commonwealth [...]

POSTED ON July 14, 2008
AMP Bank channels more mortgages

AMP Bank has increased the size of its mortgage loan portfolio by 19 per cent in the year to May and nine per cent in [...]

POSTED ON July 11, 2008
More families fall back on the credit card

The number of Australians who think they will have to rely on their credit cards to make purchases they otherwise could not afford has jumped. [...]

POSTED ON July 11, 2008
Queenslanders opt to age in place

The number of new home loans approved for owner-occupiers in Queensland has dropped sharply in May as affordability has deteriorated. Queensland and Western Australia have [...]

POSTED ON July 10, 2008
More savings needed

An increase in household savings would have significant economic benefits for Australia and for individual families say researchers. Econtech modelled the outcomes of an increase [...]

POSTED ON July 10, 2008
BankWest raises rates, others to follow

BankWest has raised interest rates on its standard variable home loans by 0.2 per cent, adding $10 per week to repayments on the average $250,000 [...]

POSTED ON July 10, 2008
Challenger wants its’ shares back

Challenger Financial Services Group announced a share buy back yesterday. The company will buy back up to 10 per cent of its issued capital through [...]

POSTED ON July 8, 2008
Gold Coast rush gathers strength

The boom in residential property on Queensland's Gold Coast shows no signs of abating. House rentals in particular have grown strongly over the past 12 [...]

POSTED ON May 27, 2003
BankWest sees Lite in the East

BankWest has launched a home loan package nationally that offers a standard variable rate of 5.95 per cent along with a low-rate credit card at [...]

POSTED ON May 26, 2003
BHP pays out $38m to ex-CEO

BHP Billiton's former chief executive officer Brian Gilbertson will receive a severance payment of about $12.4 million in cash and shares in addition to a [...]

POSTED ON May 23, 2003
Underpaid CEOs perform better

Companies which pay their CEOs less than the going rate fare better than those paying more than average, research commissioned by the NSW Labor Council [...]

POSTED ON May 23, 2003
Borrowers should heed Costello’s rate warning

Warnings by Federal Treasurer Peter Costello about home loan over-commitment underlines the need for many borrowers to have an appreciation of the short and long-term [...]

POSTED ON May 23, 2003
Developers pull plug on unit boom

More than $1.2 billion worth of residential developments have been deferred or abandoned over the past 12 months due to fears of oversupply, according to [...]

POSTED ON May 22, 2003
More profit downgrades to come

Investors are bracing for more bad news on full-year profits as companies scale back their expectations. Fund managers and analysts expect more downgrades after large [...]

POSTED ON May 19, 2003
Mortgage brokers defy downturn

Mortgage brokers increased their market share in the December quarter while the rest of the home lending industry suffered a decline. Market Intelligence Strategy Centre [...]

POSTED ON May 19, 2003
Card fraudsters target Adelaide

Visa International has warned credit cardholders to literally not let their cards out of their sight as "skimming" fraudsters turn their attention to Adelaide following [...]

POSTED ON May 19, 2003
Large jump in margin calls

Recent falls in stocks such as AMP, Telstra and the banks resulted in a large increase in the number of margin calls made during the [...]

POSTED ON May 16, 2003
Housing finance boom rolls on

Home loans jumped 2.6 per cent in March to 53,373 mortgages with banks and other lenders writing a record $9 billion loans. Banks lent $7 [...]

POSTED ON May 14, 2003
News Corp unveils bumper profit

News Corporation has exceeded forecasts and unveiled a 26 per cent rise in third-quarter profit. Earnings from film and entertainment businesses drove the company's result [...]

POSTED ON May 14, 2003
Southcorp dives into the red

Southcorp has announced its first-ever loss and has warned of further writedowns. The winemaker said it will post a pre-tax loss of $12.8 million this [...]

POSTED ON May 13, 2003
St George slow on loan approval

Mortgage brokers have complained that St George Bank is taking up to three weeks to process home loan applications while other lenders are taking only [...]

POSTED ON May 13, 2003
Share scam targets Gold Coast

Small business people based on Queensland's Gold Coast have been targeted by an Asia-based group of conmen. The scam involved high-pressure cold-calling by conmen selling [...]

POSTED ON May 12, 2003
RBA says no reason to move rates

The Reserve Bank has left interest rates on hold for the eleventh month in a row and has made it clear it still sees no [...]

POSTED ON May 10, 2003
Westpac profit up, no AMP bid

Westpac has reported a 3 per cent increase in interim net profit after tax of $1.051 million to March 31. Housing loans increased by 17 [...]

POSTED ON May 9, 2003
Tweed lures Pivot investors

David Tweed is now targeting shareholders in Victorian fertiliser co-operative Pivot, expected to list on the ASX in July. Tweed is offering Pivot's shareholders $3 [...]

POSTED ON May 9, 2003
Melbourne vacancy rate scare

The true inner-city Melbourne residential rental vacancy rate is 7.2 per cent rather than the official 4.1 per cent, according to new research. The revised [...]

POSTED ON May 9, 2003
AMP investors attack Mohl’s pay

As AMP's share price continues to slide to its lowest-ever level, angry shareholders are pushing for the company to withdraw its generous pay package for [...]

POSTED ON May 8, 2003
Big drop in fund inflows

The latest Assirt survey of fund managers shows that the net inflow of cash from retail investors fell sharply in the first quarter of 2003. [...]

POSTED ON May 8, 2003
APRA’s eye still on hedge funds

The Australian Prudential Regulation Authority is still concerned over the use of hedge funds by large superannuation investors. The regulator has written to the top [...]

POSTED ON May 8, 2003