St George takes hard line with SME’s

St George Bank is being highlighted for all the wrong reasons in the latest round of business banking customer surveys. The bank is losing share [...]

POSTED ON June 24, 2009
Biz customers turn on Commbank

Seventy four per cent of business banking customers were satisfied with their main financial institution according to the latest TNS business banking customer satisfaction survey. [...]

POSTED ON June 23, 2009
Anger grows as big banks take over

Australia's smaller banks and non-bank lenders are demanding the government scrap the guarantee over bank borrowing and replicate the UK and Canadian alternative which is [...]

POSTED ON June 22, 2009
RBA says banks are setting rates

The Reserve Bank of Australia says it is losing the ability to set interest rates. An RBA report issued yesterday says rising funding costs has [...]

POSTED ON June 19, 2009
RBA tells Banks: no rate rises

Banks will not have to raise rates again, outside of Reserve Bank changes to the official cash rate, says the Reserve Bank. The RBA is [...]

POSTED ON June 19, 2009
Banks need more savings

Australians need to save more in order to ensure the ongoing strength of our big banks say bank chiefs.Cameron Clyne, chief executive of National Australia [...]

POSTED ON June 18, 2009
Business lending down, home lending up

Total business loans issued in April fell 23 per cent to $27 billion from a high result of $31 billion in March.Nomura Australia economist Stephen [...]

POSTED ON June 16, 2009
Guarantee kills competition

The federal government's bank deposit and wholesale funding guarantee is an impediment to competition says Productivity Commission chairman Gary Banks."Unhitching the from the guarantee could [...]

POSTED ON June 16, 2009
Bank complaints may end up in court

Consumers who have a dispute with their bank or lender will lose the ability to have their dispute heard in state based tribunals such as [...]

POSTED ON June 12, 2009
SME’s get credit from ATO

Businesses with a tax debt and that also have a payment plan with the tax office will have the interest "remitted" over the 2010 financial [...]

POSTED ON June 11, 2009
Debt is good for you but…

The median household in Australia has debts that amount to just 8 per cent of total household assets.Claims of a debt crisis in Australia are [...]

POSTED ON June 10, 2009
Don’t harass me, I’m in debt

The companies regulator, ASIC and the competition regulator, the ACCC, say they have received more than 5,000 complaints in the last few years from indebted [...]

POSTED ON June 9, 2009
Nanny RBA on alert

One reason the Reserve Bank of Australia is hesitant to reduce the cash rate at present is that businesses and households might take a liking [...]

POSTED ON June 5, 2009
Business breakdown no more common

Business insolvencies are an increasingly frequent item in the daily noise of media reporting or so it would seem, but official data on the incidence [...]

POSTED ON June 5, 2009
Consumer credit bill will hurt lenders

Leading credit card issuers have criticised the responsible lending provisions of the proposed national consumer credit law, saying they will damage their businesses.Speaking at yesterday's [...]

POSTED ON June 3, 2009
Customers more satisfied with big banks

Major banks are closing the gap on regional banks on measures of customer satisfaction. The average satisfaction raring of ANZ, Commonwealth Bank, National Australia Bank [...]

POSTED ON June 1, 2009
Maroondah and mecu merge

The board of Maroondah Credit Union yesterday said it recommended to its members that it merge with mecu, the expansionary credit union also based in [...]

POSTED ON May 29, 2009
Battellino tells the critics to wait a while

Reserve Bank deputy governor Ric Battellino offered a word of caution to all the commentators offering their verdicts on the deposits and funding guarantees, AOFM [...]

POSTED ON May 29, 2009
ACCC grumbles over lack of banking competition

Graeme Samuel, chair of the Australian Competition and Consumer Commission, said he would be "gravely concerned" about any merger that strengthens the position of one [...]

POSTED ON May 26, 2009
Bank fees and margins up

New figures to be released today from the Reserve Bank are expected to show that bank fees are growing at their fastest pace for five [...]

POSTED ON May 21, 2009
Banks commit to future biz loans

Banks are increasing margins on business loans to existing customers in return for a commitment to renew the finance in advance. The forward start facilities [...]

POSTED ON May 21, 2009
Rates to fall to 2 per cent by christmas

The Reserve Bank governor Glenn Stevens hinted strongly yesterday that the central bank would be cutting rates again this year, although possibly not in June. [...]

POSTED ON May 20, 2009
Westpac disappoints business

Westpac rates the lowest of the big four banks for relationship manager penetration among small business, middle market and corporate customers.East & Partners' reported yesterday [...]

POSTED ON May 20, 2009
Rates to stay low for another year

Economists and financial markets expect the Reserve Bank of Australia to cut official interest rates by a further 0.25 per cent to 2.75 per cent [...]

POSTED ON May 19, 2009
SME’s rate Westpac, ANZ most popular

Customer satisfaction ratings of the major banks have maintained their steady long-term upward trend, despite recent fluctuations.The latest Roy Morgan Research survey of small business [...]

POSTED ON May 19, 2009
Credit crunch casualties grow

The global financial crisis has killed off 159 out of about 1,000 Australian financial institutions in the last two years according to the prudential regulator [...]

POSTED ON May 18, 2009
SME insolvencies on the rise

Small businesses are starting to feel the bite of the recession, as the number of companies entering administration reached its highest level in 10 years.Insolvency [...]

POSTED ON May 13, 2009
An end to rate cuts?

The Reserve Bank of Australia is unlikely to cut rates any further because business confidence and economic conditions seem to be improving says Citigroup chief [...]

POSTED ON May 12, 2009
St George grows lending

St George bank continued to win mortgage market share, lend more to business and grow its deposit base in the half year to March 31.St [...]

POSTED ON May 12, 2009
Small biz rates stay high

Small business are paying more in interest rates than home owners or large businesses says the Reserve Bank of Australia. The average home loan interest [...]

POSTED ON May 11, 2009
Rate cut hopes disappear

The chances of a cut in official interest rates in the coming months has diminished with the release yesterday of better than expected unemployment figures [...]

POSTED ON May 8, 2009
Aussie looking to lend

Aussie Home Loans is expanding its operations and looking to recruit more advisors and franchisees. Aussie has doubled monthly lending volumes to more than $2 [...]

POSTED ON May 7, 2009
No May rate cuts expected

The Reserve Bank of Australia is expected to keep official interest rates on hold at three per cent when the board meets this week. Economists [...]

POSTED ON May 4, 2009
Consumers and businesses stop borrowing

Annual credit growth slowed to 4.9 per cent in March according to figures released yesterday by the Reserve Bank of Australia. Private sector credit outstanding [...]

POSTED ON May 1, 2009
Depositors turn away from Bankwest

Bankwest continues to lose retail deposits as term deposits mature and customers walk away from the Commonwealth bank subsidiary. Bankwest's retail deposits fell more than [...]

POSTED ON May 1, 2009
NAB talks about raising rates

National Australia Bank chief executive Cameron Clyne has hinted that the bank may raise interest rates on mortgages outside of normal interest rate changes by [...]

POSTED ON April 29, 2009
ANZ extends hardship help to business

ANZ Bank said it will extend its hardship package to small business customers who are experiencing difficulties making their repayments. ANZ has also committed to [...]

POSTED ON April 29, 2009
Debt problems grow at ANZ

ANZ Bank posted a 28 per cent fall in net profit for the half year to December and warned that rising bad debt problems would [...]

POSTED ON April 29, 2009
Business rates go up

Banks have not reduced interest rates for business customers at all over the last six months and have in fact increased interest rates for more [...]

POSTED ON April 24, 2009
Mortgages, margin loans to be reviewed

The Parliamentary Joint Committee on Corporations and Financial Services' inquiry into financial products and services will include a review of banking products. Reflecting the transfer [...]

POSTED ON April 21, 2009
New laws to restrict lending

The proposed commonwealth consumer credit code will weed out many smaller lending companies and leave many people without access to any credit at all says [...]

POSTED ON April 16, 2009
Rate cuts – RBA forced to go big

The Reserve Bank will be forced to make big cuts to interest rates in coming months to ensure that at least some of the cuts [...]

POSTED ON April 15, 2009
Banking cartel ups their cut

Bank margins on low rate credit cards have blown out by 3.5 per cent since July 2007 according to data from the Reserve Bank. Margins [...]

POSTED ON April 14, 2009
No more bank takeovers says ACCC

The big four banks may be engaging in legal co-ordination of prices and rates says Graeme Samuels the chairman of the competition regulator the ACCC. [...]

POSTED ON April 14, 2009
120 lenders hold back rate cut

ANZ, Westpac and St George Bank yesterday announced they would match Commonwealth Bank and cut the interest rates on their variable rate mortgages by 0.1 [...]

POSTED ON April 9, 2009
Banks unmoved by kick in bum

The major banks will reap $800 million dollars from their decisions to hold back at least part of the Reserve Bank's 0.25 per cent rate [...]

POSTED ON April 9, 2009
Banks pass on rate cut to depositors

The Reserve bank of Australia yesterday cut official interest rates by 0.25 per cent to a 49 year low of three per cent. Although banks [...]

POSTED ON April 8, 2009
RBA cuts cash rate, how have the banks responded

It was anyone's guess as to what the decision would be proceeding today's Reserve Bank of Australia's Board Meeting. Leading economists across Australia were equally [...]

POSTED ON April 7, 2009
RBA could cut 0.5% tomorrow

The cash rate in Australia will fall 50 basis points to 2.75 per cent on Tuesday if Alan Mitchell, economics editor of the Financial Review, [...]

POSTED ON April 6, 2009
Banks say no to passing on full rate cuts

Banks may not pass on the full amount of any rate cut delivered by the Reserve Bank says Westpac chief executive Gail Kelly. "The costs [...]

POSTED ON April 6, 2009
Banks are NOT profiteering

Banks have not added much to their margins over the course of the credit crunch says the Reserve Bank of Australia. Ric Battelino, deputy governor [...]

POSTED ON April 6, 2009
Reserve tells banks to pass on rate cuts

Bank funding costs have eased and they are expected to pass on in full any future interest rate cuts said the governor of the Reserve [...]

POSTED ON March 27, 2009
No more big rate cuts

The Reserve Bank governor has signalled that the central bank may wait and see the impact of recent rate cuts before making any new big [...]

POSTED ON February 24, 2009
St George still favourite bank for business

Almost eighty per cent of business banking customers are satisfied with their main bank according to TNS Communications, but satisfaction levels seem to have plateaued. [...]

POSTED ON February 24, 2009
ANZ wants to lend more to small business

ANZ has announced it will increase lending to small and medium businesses by $8 billion, equal to the total amount of new lending to SME's [...]

POSTED ON February 24, 2009
Shortfall on business lending rates

Some businesses are paying higher interest rates on loans and overdrafts than they were last year, before the Reserve Bank started to cut interest rates.The [...]

POSTED ON February 23, 2009
Aussie banks rake in profits

Westpac is the world's most profitable bank according to a global survey by Boston Consulting Group. Westpac delivered a return on equity of 20.4 per [...]

POSTED ON February 20, 2009
Half per cent rate cut for March

Market expectations of a 0.5 per cent rate cut firmed yesterday to a 100 per cent certainty after the release of the Reserve bank Board [...]

POSTED ON February 18, 2009
Consumers get protection against fees

High bank penalty fees for overdrafts, late credit card payments or direct debit dishonours could be outlawed by new commonwealth consumer rules to be introduced [...]

POSTED ON February 18, 2009
Personal lending growing again

New lending commitments increased by 3.5 per cent in December according to the Australian Bureau of Statistics. Loan refinancing, as well as borrowing for homes, [...]

POSTED ON February 17, 2009
Rate cuts fund NAB’s californian weekend

Twenty five senior National Australia Bank executives have flown to San Francisco for a leadership weekend to prepare for CEO Cameron Clyne's major strategy briefing [...]

POSTED ON February 13, 2009
Big credit union passes on rate cut

Following the one per cent reduction in the official cash rate announced by the Reserve Bank of Australia (RBA) on Tuesday, Credit Union Australia can [...]

POSTED ON February 13, 2009
CBA needs to keep future rate cuts

The Commonwealth Bank has signalled that it may not pass on in full to borrowers any future rate cuts delivered by the Reserve Bank of [...]

POSTED ON February 12, 2009
Small business rates coming down.

All major banks are working to improve their service and product offerings to small business. They have cut interest rates on small business loans by [...]

POSTED ON February 11, 2009
Commercial borrowers pay more, wait longer

Commercial borrowers are unlikely to get relief from falling interest rates any time soon, a finance company director said yesterday. Paul McCarthy, a director of [...]

POSTED ON February 11, 2009
No more big rate cuts

A slightly improved economic outlook for Australia has caused many analysts to revise their interest rate predictions. The Reserve Bank is now not expected to [...]

POSTED ON February 9, 2009
Business urged to blow whistle on harsh banks

Viable businesses that feel they have been treated "harshly and unfairly" by their bank should contact the government says the treasurer Wayne Swan. Banks are [...]

POSTED ON February 9, 2009
More rate cuts and more spending needed

Further deep cuts in interest rates are needed as well as more government spending to stimulate the economy the treasury secretary Ken Henry said yesterday. [...]

POSTED ON February 6, 2009
Banks say maybe to future rate cuts

Major banks warned yesterday that they may not pass on the full amount of any future rate cuts. NAB's retail banking executive general manager Lisa [...]

POSTED ON February 5, 2009
BankWest & St George customers unhappy

Almost one quarter of all BankWest customers and St George customers report that they are less satisfied with their bank since it has been taken [...]

POSTED ON February 5, 2009
More rate cuts on the way

Financial markets expect the Reserve bank to cut interest rates again next month by a further 0.75 per cent taking the official cash rate to [...]

POSTED ON February 4, 2009
Westpac commits to 100 basis point cut

Following today's RBA announcement to shed 100 basis points off the cash rate, to 3.25 per cent, Westpac has jumped the wagon and become the [...]

POSTED ON February 3, 2009
Rate cuts to keep on coming

The Reserve Bank of Australia faces extreme pressure to deliver substantial rate cuts today and in next few months as the global economic crisis spreads. [...]

POSTED ON February 3, 2009
CBA, ANZ toughest on business rate cuts

Small business has received average rate cuts of just 1.8 per cent since the Reserve bank began cutting interest rates in September. The RBA has [...]

POSTED ON February 2, 2009
Total lending falls for first time since 92

Total lending to business and private individuals fell 0.3 per cent in December, well below market expectations of a 0.5 per cent rise. It is [...]

POSTED ON February 2, 2009
RBA may cut by 1.5 per cent

The Reserve Bank of Australia is likely to decide tomorrow to set a new 'floor' for Australian official interest rates of around 2 per cent [...]

POSTED ON February 2, 2009
Rates down to 2 per cent by June

Investors trading on the Sydney Futures Exchange yesterday estimated the chances of a 1.0 per cent rate cut next week by the Reserve Bank at [...]

POSTED ON January 30, 2009
Consumers to pocket more savings

With many economists tipping a rate cut of at least 0.75 percentage points in next Tuesday's Reserve Bank's Board Meeting, borrowers with a $400,000 mortgage [...]

POSTED ON January 29, 2009
Three big rate cuts coming soon

The Reserve Bank of Australia is expected to cut interest rates three times in the next four to five months. Yesterday's inflation figures indicated that [...]

POSTED ON January 29, 2009
One per cent rate cut expected

Economists are expecting the Reserve Bank of Australia to cut interest rates next Tuesday by a full one per cent despite fears inflation may not [...]

POSTED ON January 28, 2009
NAB to hold back on more rate cuts

National Australia Bank may not pass on in full any rate cuts delivered by the Reserve Bank at its February meeting. Chief executive Cameron Clyne [...]

POSTED ON January 27, 2009
Rudd talks bailout for commercial lending

Banks are demanding that commercial real estate development projects are 75 per cent let before finance is approved. The federal government is preparing a bailout [...]

POSTED ON January 22, 2009
Think before leaping on fixed rate loans

Homeowners with fixed rate loans stuck at a high interest rates should not panic and try to break out of the loan. Break fees are [...]

POSTED ON January 8, 2009
Small business needs rate cuts

The government should tell banks to pass on the full amount of official rate cuts to small business says shadow treasurer Julie Bishop. Business confidence [...]

POSTED ON January 7, 2009
Rates to plunge to two per cent

The Reserve Bank will cut official interest rates to 2.5 per cent or below next year say some economists because unemployment is expected to almost [...]

POSTED ON December 31, 2008
NAB to speed up transfers

National Australia Bank will jointly develop and promote a range of new payments products and services with software developer Distra following a deal which will [...]

POSTED ON December 29, 2008
Bank fee take goes up

Banks collected $22.6 billion in fees and charges from their customers in the year to June 30, up more than $2 billion from $20.5 billion [...]

POSTED ON December 24, 2008
Rates to fall to three per cent

National Australia Bank is now predicting interest rates will fall further than previously expected early next year. Markets are pricing in rate cuts of 1.5 [...]

POSTED ON December 17, 2008
Next big rate cut due in February

The governor of the Reserve Bank, Glenn Stevens, said yesterday that there were reasons to have "quiet confidence" about the economy and signalled that while [...]

POSTED ON December 10, 2008
Rate rises blamed for poor economy

The Reserve Bank's interest rate rises early in 2008 are being blamed for weak results in the September quarter national accounts. Non-farm gross domestic product [...]

POSTED ON December 4, 2008
RBA cuts again, more cuts to come

The Reserve Bank of Australia cut official interest rates to their lowest point in more than seven years yesterday. The RBA board cut another full [...]

POSTED ON December 3, 2008
Five per cent mortgage rates coming soon

Standard variable mortgage interest rates could fall to five per cent within six months, taking them to the lowest level since 1964 when they were [...]

POSTED ON December 2, 2008
Big rate cuts due this week

The Reserve Bank is expected to cut interest rates by at least 0.75 per cent tomorrow as expectations rise of zero or even negative economic [...]

POSTED ON December 1, 2008
Card rates not coming down

Most banks and card issuers have not decreased their credit card interest rates at all as the Reserve Bank has decreased rates by two per [...]

POSTED ON November 28, 2008