Archived News for Finance Sector Professionals
Australia has become the 12th largest economy, after IMF data revealed the country has overtaken Spain in economic output.
Consumer sentiment growth lacklustre
Consumer sentiment has tracked up marginally in October, with experts calling the findings a disappointing result for the economy.
IMF paints gloomy global picture
Growth forecasts have taken a significant hit after global trade has slumped, hurting emerging markets and developing economies according to the latest review of the global economy released by the International Monetary Fund (IMF).
Retail turnover increases
The latest Australian Bureau Statistics (ABS) Retail Trade figures show that Australian retail turnover rose 0.2% in August 2012, seasonally adjusted, following a fall of 0.8% in July 2012.
Digital banking on the rise
A new ANZ survey has revealed that 79 per cent of Australians are comfortable with fingerprint technology one day replacing their banking pin, and more than a third would prefer to live in a cashless world.
Retail posts modest rise
The latest Australian Bureau Statistics (ABS) Retail Trade figures show that Australian retail turnover rose 0.2% in August 2012, seasonally adjusted, following a fall of 0.8% in July 2012.
ANZ outlines $1.5 billion investment program
ANZ Bank has announced a $1.5 billion major investment program for its Australian business, which will see significant upgrades to ANZ’s distribution networks; simplifying products and processes; providing customers with additional mobile and flexible banking options; further improving the capability of front-line staff.
Services sector continues downward slump
The services sector has continued its downward trend, ending another quarter with a low note, according to the findings in the latest Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (Australian PSI).
RBA announces cash rate drop
The Reserve Bank of Australia (RBA) has announced its decision to cut the official cash rate by 25 basis points, bringing the official cash rate down to 3.25 per cent.
Tasmania secures AA+ rating
Ratings agency Standards and Poor’s has confirmed Tasmania’s AA+ credit rating, noting the state’s financial management was key to maintaining the “very positive ratings factor.”
Trade deficit blows out by $2 billion
The Australian balance of trade has blown out above a $2 billion deficit, with the balance soaring 32 per cent in July.
Most households treading financial water
Casual workers are significantly more likely to experience financial stress, struggle to save and experience difficulty renting or purchasing a property according to a new report released by ME Bank.
HIA hits out at tax review
The Housing Industry Association (HIA) has challenged the recommendations from the Federal Government’s Business Tax Working Group (BTWG), accusing it of ‘missing the mark’ with its proposed changes to the country's business tax system.
ANZ to amalgamate
ANZ Bank has announced that after ten years of operating separately as ANZ and The National Bank of New Zealand, the two arms are to be brought together under the ANZ brand.
Commonwealth Bank tracks dropping spending
The Commonwealth Bank has confirmed that consumer spending has significantly dropped in the September quarter, with the latest Business Sales Indicator showing a 0.4 per cent drop.
Fix the system urges ASFA
The Association of Superannuation Funds of Australia (ASFA) has urged the Federal Government to focus more on fixing the gaps in the system to ensure its ability to deliver adequate retirement income.
Westpac promises 'new era' in corporate banking
Westpac and international software solutions company SAP have announced a new partnership to develop the country’s first real-time payment solution for large companies and institutions.
Councils win CDO court challenge
Three Australian Councils have won a Federal Court challenge that ruled that Lehman Brothers Australia, now in liquidation, was liable for millions lost in complex financial derivatives investments, known as collatoralised debt obligations (CDOs).
Dick Smith sold for $20 million
Retail giant Woolworths has announced it has sold electronic retail company Dick Smith to Australian private equity firm Anchorage Capital Partners for $20 million.
ANZ drops Visa shares
The ANZ Bank has announced it has sold its remaining shareholding in Visa, in a move it calls a continuing commitment to active management of capital across the banking group.
New Asia MD for ANZ
ANZ Bank has announced the appointment of Bret Packard as the new Managing Director Wealth Asia, reporting directly to Joyce Phillips, ANZ's Global CEO Wealth and Private Banking.