Broker and funds fight over GST
Fund managers and stockbrokers are battling it out over who will take on the 10 per cent cost rise incurred by the GST. Fund managers are rejecting increased brokerage, an attempt by stockbrokers to pass on the extra expenditure. Others, such as retail brokers Commonwealth Securities, will increase brokerage fees by 9 per cent. Mr Brian Ingham, director of equites for BNP Investment Management, believes most brokers will absorb the 10 per cent cost increase.
‘Brokers and funds battle over who pays the 10pc', Morgan Mellish and John Bruesch, The Australian Financial Review, 22/06/00, p 50.