Billion-dollar bank compo bonanza

Which banks are paying compensation to investors? Banks and financial institutions will pay about one billion dollars in total compensation to investors and customers for [...]

POSTED ON August 7, 2019
ASIC awards scam prizes

The Australian Securities & Investments Commission has launched "Pie in the Sky" awards for the scams of the year. The top prize for 2002 goes [...]

POSTED ON April 3, 2019
How to make your money grow without property

If you've been working hard and saving, investing can help multiply your hard-earned cash. So what are your options other than buying property? Here's a [...]

POSTED ON May 8, 2017
CommSec fined for mishaps with client funds

Commonwealth's Bank online brokerage operation CommSec has been fined $70,000 by the Australian Stock Exchange for failing to keep client money in its trust account. [...]

POSTED ON January 5, 2012
Banks to add more to RBA rate rises

Borrowers are likely to be slugged by more rate rises from RBA and more margin expanding rate rises from the big banks as well. The [...]

POSTED ON November 2, 2009
Switch your lender & save $3,800

Over the last 14 months of the GFC, many people moved their money and their business to a big four bank. Many people could simply [...]

POSTED ON November 2, 2009
Four steps to switching banks

Switching bank accounts to a new bank is easier than it has been in the past, but can still be a complex process. ASIC and [...]

POSTED ON November 2, 2009
Fee changes to all transaction accounts

Almost all banks, credit unions and building societies have announced changes to the fees they charge their credit card, loan and account customers. Now may [...]

POSTED ON November 2, 2009
Banks trying to connect with customers

ANZ, Westpac and NAB have launched new marketing programs recently all trying to reconnect with their customers and communities. ANZ have re-fashioned their signage with [...]

POSTED ON November 2, 2009
Most borrowers reject fixed rates

Most homeowners are choosing to stick with their variable rate mortgages with only ten per cent saying they are opting to fix their rate now. [...]

POSTED ON November 2, 2009
Aussies are stashing their cash

The first national study by Westpac into the social effects of the global financial crisis shows more than 32% of Australians are cocooning in the [...]

POSTED ON November 2, 2009
School tuckshops take credit cards online

Parents at some schools are paying for their children’s lunches online with their credit card to avoid having to give their children money. Holy Cross [...]

POSTED ON October 6, 2009
Aussie share obsession cuts our wealth

Australians lost almost twice as much money during the global financial crisis as people in other countries according to the 2009 global wealth report, by [...]

POSTED ON October 6, 2009
Ten million online bankers

Almost 10 million Australians visited their online internet bank each week, but more visit and spend much more time on social networking sites such as [...]

POSTED ON October 6, 2009
Less competition in banking

National Australia Bank yesterday acknowledged to a senate committee hearing in Melbourne that banking consumers' choices had narrowed in the past year. “I think it's [...]

POSTED ON October 6, 2009
Auction continue to deliver results

There were only 171 auctions listed in Sydney on the October long weekend but the clearance rate improved to 72.5 per cent from 62 per [...]

POSTED ON October 6, 2009
Competition returning to mortgage market

NAB, ANZ and second tier lenders all managed to claw back mortgage market share in August. ANZ said they have improved turnaround times on mortgage [...]

POSTED ON October 2, 2009
Borrowers head to Commonwealth in August

The growth story in the loan market remains that of Commonwealth Bank, which lifted its lending by 1.2 per cent over the month of August [...]

POSTED ON October 2, 2009
200,000 Ford car loans sold to Macquarie

Macquarie Leasing will take over the servicing of the Ford loans by January 2010. The portfolio covers around 200,000 vehicles and adds to the bank’s [...]

POSTED ON October 2, 2009
Savings tax to be slashed

The federal government’s Henry review into taxation is set to recommend that tax on savings should be slashed. Ken Henry said yesterday that a middle [...]

POSTED ON October 2, 2009
Savers want good rates and no fees

Bank customers are fed up with fees on savings accounts and want to be rewarded with higher rates for saving regularly, according to a new [...]

POSTED ON October 2, 2009
RaboPlus to launch bonus saver account

RaboPlus will add a bonus saver account to its product portfolio to be launched next week. It will pay five per cent interest to customers [...]

POSTED ON October 2, 2009
Banks deny rate rise plans

Speculation is continuing that the big banks are planning to raise interest rates on variable rate mortgages independently of the Reserve Bank. Banks are continuing [...]

POSTED ON October 2, 2009
Grants cut down but sales to hold up

First home buyers of new homes will be entitled to $14,000 of federal government assistance from today, October 1, down from the $21,000 grant paid [...]

POSTED ON October 1, 2009
ME’s Online Savings Account ahead of the pack

ME Bank’s Online Savings Account has won the Australian Financial Review Smart Investor Blue Ribbon Awards 2009, Overall Savings Account Category. Savings products from over [...]

POSTED ON October 1, 2009
InfoChoice more popular than ever

Traffic to the InfoChoice website has grown 56 per cent from January to June 2009. InfoChoice.com.au remains Australia’s most popular banking product comparison website as [...]

POSTED ON August 31, 2009
50,000 seek hardship relief

More than fifty thousand Australian households have been given hardship relief by major banks in the past year. Westpac, St George, ANZ, National Australia Bank, [...]

POSTED ON August 31, 2009
Government checks up on bank rate rises

Sources within the major banks say the federal Treasury rang around all major banks last week to check on rumours that they are planning on [...]

POSTED ON August 31, 2009
Be prepared for higher rates says RBA

Homebuyers have to be prepared for higher interest rates says the governor of the Reserve bank, Glenn Stevens. Stevens told a parliamentary hearing that rate [...]

POSTED ON August 17, 2009
Business owners like St George and ANZ

Business owners were generally less satisfied with their bank in 2008 than they were in 2007, according to the latest Roy Morgan Business Owner Survey [...]

POSTED ON January 7, 2009
More CBA branches to open on weekends

More Commonwealth Bank branches are expected to begin weekend trading in NSW this year. Currently 27 branches are now open on weekends after the NSW [...]

POSTED ON January 5, 2009
Rates to be slashed

Interest rates are expected to come down by at least another one full percentage point by June 2009 as the central bank and the government [...]

POSTED ON January 5, 2009
St George wants brokers to cross-sell

St George Bank has announced changes to the structure of commissions paid to brokers that introduces a range with goals that must be met to [...]

POSTED ON May 1, 2008
Broker sends bank a message

Mortgage broker PLAN Australia looks set to cut back sales of Westpac home loans and switch over to selling Bankwest loans assuming Bankwest does not [...]

POSTED ON April 21, 2008
ASIC warns on fringe brokers

A survey of home owners struggling to meet mortgage repayments has found cases of fringe brokers engaging in "equity stripping". Borrowers are being asked to [...]

POSTED ON March 14, 2008
Executives pessimistic about economy

Chief executives of Australian companies are preparing for a difficult year with half of those surveyed predicting that economic conditions will get worse over the [...]

POSTED ON March 13, 2008
Rates batter confidence levels

Consumer confidence has dipped to its lowest level in 15 years after a succession of interest rate rises. The Westpac-Melbourne Institute consumer confidence index lost [...]

POSTED ON March 13, 2008
Market close to tipping point

The Australian share market came within 100 points of the 5000 point psychological barrier during intraday trade yesterday. The market recovered some of the losses [...]

POSTED ON March 12, 2008
Losses mounting in super funds

Superannuation funds are heading for their first annual loss in six years on the back of a 25 per cent fall in the sharemarket since [...]

POSTED ON March 12, 2008
Investors pick on the wrong AFG

Cranky investors in troubled Allco Finance Group have been taking out their frustrations on the wrong company. Allco's share price has lost more than $6 [...]

POSTED ON March 11, 2008
Analyst tips Aussie recession

Chief market strategist at Morgan Stanley, Gerard Minack, is predicting that Australia will be dragged into recession by a slowing world economy, the effects of [...]

POSTED ON March 10, 2008
Director share trading under scrutiny

New research has found that 23 directors engaged in trading shares in their company during the blackout period between when the books are closed and [...]

POSTED ON March 10, 2008
Big margin call on Allco directors

Shares in Allco Finance Group, owned by the company's directors through a margin loan facility held by Allco Principals Investments, have been handed over to [...]

POSTED ON March 7, 2008
Increased scrutiny for short-sellers

Market regulators are clamping down on short-selling activities, reminding hedge funds that they have legal obligations to disclose their activities in this area. The Australian [...]

POSTED ON March 7, 2008
Record February share trades

The Australian Securities Exchange has reported its busiest February on record. Cash market trades of 8 million in February were 80 per cent higher than [...]

POSTED ON March 6, 2008
Strong growth at HSBC

HSBC Australia is expecting strong growth this year and says that it will be able to repeat the 23 per cent rise in underlying profits [...]

POSTED ON March 6, 2008
Currency dips on rate outlook

Exporters could benefit from a lower dollar which fell yesterday as markets absorbed the statement from Reserve Bank governor Glenn Stevens. Markets had already factored [...]

POSTED ON March 5, 2008
City Pacific stops trading, freezes fund

City Pacific has sought permission to freeze withdrawals from its $900 million First Mortgage Fund. The move comes as shares in the company were placed [...]

POSTED ON March 5, 2008
Deficit at unsustainable levels

Australia's current account deficit has blown out to a new record, exceeding even the levels seen in the "banana republic" era. Despite the boost that [...]

POSTED ON March 5, 2008
Directors pressured to show their margins

Asciano is the first company to disclose the margin loan positions of its executives following a reminder of disclosure obligations from the Australian Securities Exchange [...]

POSTED ON March 4, 2008
Allco founder stands aside

Allco founder David Coe stepped down as executive chairman yesterday and an insider has revealed that issuing a profit warning was considered as far back [...]

POSTED ON March 4, 2008
Financials fall in share market dive

Almost $40 billion was wiped from the value of the local sharemarket yesterday with financial stocks being hit hardest. Concerns about the impact of the [...]

POSTED ON March 4, 2008
ATO targets do-it-yourself super

The Australian Taxation Office has renewed its warnings to trustees of self-managed superannuation funds after finding that many do not understand their basic legal obligations. [...]

POSTED ON March 3, 2008
High dollar hurts profits

The continued rise of the Australian dollar, which hit a 24-year high of US94 cents yesterday, is eating into company profits. Macquarie Research has estimated [...]

POSTED ON February 29, 2008
Business has big investment plans

Australian businesses are preparing for a 23 per cent increase in investment during 2008-09. These results from the Australian Bureau of Statistics will, if companies [...]

POSTED ON February 29, 2008
Director margin loans under scrutiny

Investors want greater disclosure margin loans held by directors against shares in their companies and the federal Minister for Corporate Law, Nick Sherry, has asked [...]

POSTED ON February 28, 2008
MFS delays release of financials

Gold Coast financial group MFS has asked for permission to delay announcing its half year results and is seeking a reprieve from its commitment to [...]

POSTED ON February 28, 2008
Allco says loan discussions too sensitive

Allco Finance Group has defended its decision not to disclose that its liabilities were under review by saying that making such a statement could have [...]

POSTED ON February 28, 2008
Share trades by texting

Investors will be able to use their mobile phones to trade shares via SMS with a new service introduced by online broker Bell Direct. In [...]

POSTED ON February 27, 2008
Case builds for Allco class action

Class action litigators and analysts have said that shareholders may have a case against Allco for its failure to disclose the full extent of its [...]

POSTED ON February 27, 2008
Visa looks to float

Visa, the world's largest credit card issuer, is preparing what could be the largest initial public offering in the US. The move could raise up [...]

POSTED ON February 26, 2008
Members concerned about super losses

Extreme market volatility could see superannuation funds post a loss in the current financial year. The latest results from SuperRatings show that the average fund [...]

POSTED ON February 26, 2008
Allco punished for hidden debt

After many delays Allco has finally announced a net profit of $83.94 million for the first half of the current financial year, a fall of [...]

POSTED ON February 26, 2008
Allco must report this week

Bankers to Allco Finance Group have been in talks with the company over the weekend assessing its books to see if a $250 million loan [...]

POSTED ON February 25, 2008
ANZ says Aussie banks are safe

The chief executive at ANZ, Mike Smith, has hit out at markets for punishing the bank's share price after it announced a $US200 million write-down [...]

POSTED ON February 22, 2008
ASX snoops around director trades

The Australian Securities Exchange is investigating more than 900 trades by directors in the own companies' shares made since the start of this year. This [...]

POSTED ON February 21, 2008
Insider trading entrenched according to execs

According to senior markets executives insider trading is rife on the Australian stock market and has become "part of the system". Share prices of takeover [...]

POSTED ON February 20, 2008
Revealed: RBA considers 0.50% rate rise

Minutes from the last meeting of the Reserve Bank reveal that it considered increasing interest rates by half a percentage point. The pros and cons [...]

POSTED ON February 20, 2008
Troubled Tricom finds a buyer

Bell Financial Group has agreed to buy take over Tricom as long as no hidden problems are discovered during diligence checks. Shareholders will have to [...]

POSTED ON February 20, 2008
ASIC questions disclosure rules

The Australian Securities and Investments Commission said yesterday that 44 per cent of consumers can't read well enough to understand investment disclosures and only 20 [...]

POSTED ON February 19, 2008
Old inflation theory gains traction

Is there a tipping point at which low unemployment drives inflation higher? The idea has been out of fashion for some time but is being [...]

POSTED ON February 19, 2008
Bendigo lifts profits

Bendigo Bank is expecting double-digit profit growth this fiscal year after reporting a 34.1 per cent lift in interim profit to $72.8 million. The bank [...]

POSTED ON February 19, 2008
ANZ turns investors cold

Australia and New Zealand Banking Group sent a cold chill through the market as it provisioned for over $1 billion in bad debt, citing exposure [...]

POSTED ON February 19, 2008
More bad signs in the US economy

Consumer confidence in the US has sunk to a 16-year low while industrial production in January has remained flat. The consumer confidence index fell from [...]

POSTED ON February 18, 2008
Allco asset sale imminent

Shares in financial services company Allco have been in a trading halt since last Monday while it is believed to be considering a partial asset [...]

POSTED ON February 18, 2008
Industry wants 15% super in 7 years

The superannuation industry says that most people are not saving enough to fund their retirement and have called on the government to force 15 per [...]

POSTED ON February 14, 2008
Lenders check the books at Allco

Lenders to Allco Finance Group have called in corporate restructuring specialists as they attempt to ensure the viability of the investment finance specialist. With Allco [...]

POSTED ON February 14, 2008
Regulator eyes margin loan industry

The Australian Securities and Investments Commission has called for greater regulation of the $36 billion margin lending sector. In its submission to the Productivity Commission, [...]

POSTED ON February 14, 2008
Bank share hit bargain levels

Bank shares fell yesterday following the Commonwealth Bank's profit announcement and are now at their cheapest since early 2000 and the "tech-wreck". CBA shares were [...]

POSTED ON February 14, 2008
Consumers anxious as rates rise

Consumer confidence has taken a battering as increasing interest rates, record high petrol prices and volatile equity markets all take their toll. The latest result [...]

POSTED ON February 14, 2008
Commonwealth reports profit jump

The Commonwealth Bank has announced an 8 per cent increase in its first half profit to $2.371 billion, compared with $2.191 billion in the same [...]

POSTED ON February 13, 2008
Fortress fund tumbling down

The Macquarie Fortress Investments fund is close to collapse with the value of its portfolio falling by a third in the last week. The drop [...]

POSTED ON February 12, 2008
Sub-prime culprits hunted

The US Securities and Exchange Commission has launched around 36 investigations into the role of banks, credit rating companies and lenders in mortgage-backed securities that [...]

POSTED ON February 11, 2008
Opes Prime rides out margin call surge

Broking firm Opes Prime said that it has not seen any significant increase in the level of margin calls to its clients during the share [...]

POSTED ON February 11, 2008
Rates drop everywhere but here

The European Central Bank has indicated that its bias has changed from increasing interest rates to lowering them, making Australia's rising rate strategy increasingly isolated. [...]

POSTED ON February 11, 2008
RBA remains fixed on inflation

An economist and member of the Reserve Bank's board has said that the US economy is probably already in a recession but that its impact [...]

POSTED ON February 8, 2008
Credit problems could persist all year

The National Australia Bank has warned that conditions in wholesale funding markets have continued to deteriorate and predicts that the turmoil in global financial markets [...]

POSTED ON February 8, 2008
Rates rise supports currency

Stabilising equity markets overnight have helped the Australian dollar to open firmer today. The currency was trading at $US0.8975 early this morning with some of [...]

POSTED ON February 7, 2008
Moss departure makes markets mean

The chief executive of Macquarie Group, Allan Moss, has announced his retirement and from May will be replaced by Nicholas Moore, currently its investment banking [...]

POSTED ON February 7, 2008
Nervous investors punish CBA

Investors have punished the Commonwealth Bank for its Monday announcement of a change in profit reporting definitions to exclude unrealised gains and losses on derivatives [...]

POSTED ON February 6, 2008
Understand risks in the margins

Investors considering a margin loan should read the find print and ensure they understand their obligations. If the value of the share portfolio falls the [...]

POSTED ON February 6, 2008
Dow Jones leads the world

The Dow Jones Industrial Average has outperformed other world markets despite the increasing possibility of a recession in the US. In January the Dow lost [...]

POSTED ON February 6, 2008
Tricom rethinks margin strategy

Troubled broker Tricom Securities is under instruction from its banks to reduce its margin loan portfolio to $500 million and has said that it could [...]

POSTED ON February 5, 2008