Time for banks to feel the blowtorch
Beefing up ASIC and reviewing the Financial Ombudsman Service is welcome but it is not enough.
Stock Ticker
- AGL AGL ENERGY LIMITED. -0.11%
- AIO ASCIANO LIMITED 0.00%
- AMC AMCOR LIMITED 1.10%
- AMP AMP LIMITED 0.00%
- ANZ AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED -0.66%
- APA APA GROUP 0.46%
- ASX ASX LIMITED 0.65%
- AZJ AURIZON HOLDINGS LIMITED 3.10%
- BHP BHP BILLITON LIMITED 3.41%
- BXB BRAMBLES LIMITED 0.81%
- CBA COMMONWEALTH BANK OF AUSTRALIA. -0.20%
- CCL COCA-COLA AMATIL LIMITED -0.11%
- CPU COMPUTERSHARE LIMITED. 1.24%
- CSL CSL LIMITED 0.72%
- CTX CALTEX AUSTRALIA LIMITED 0.71%
- DXS DEXUS PROPERTY GROUP 1.49%
- GMG GOODMAN GROUP 1.03%
- GPT GPT GROUP -1.21%
- IAG INSURANCE AUSTRALIA GROUP LIMITED 1.25%
- IPL INCITEC PIVOT LIMITED 3.28%
- JHX JAMES HARDIE INDUSTRIES PLC -5.53%
- LLC LENDLEASE GROUP -1.00%
- MGR MIRVAC GROUP 1.02%
- MPL MEDIBANK PRIVATE LIMITED 0.99%
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- NAB NATIONAL AUSTRALIA BANK LIMITED -0.15%
- NCM NEWCREST MINING LIMITED 0.00%
- ORG ORIGIN ENERGY LIMITED 2.41%
- ORI ORICA LIMITED 0.33%
- OSH OIL SEARCH LIMITED 4.90%
- QAN QANTAS AIRWAYS LIMITED 1.44%
- QBE QBE INSURANCE GROUP LIMITED -0.36%
- RHC RAMSAY HEALTH CARE LIMITED 0.35%
- RIO RIO TINTO LIMITED 4.08%
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- SCG SCENTRE GROUP 0.22%
- SEK SEEK LIMITED 2.02%
- SGP STOCKLAND 0.46%
- SHL SONIC HEALTHCARE LIMITED 0.52%
- STO SANTOS LIMITED 3.19%
- SUN SUNCORP GROUP LIMITED -0.48%
- SYD SYDNEY AIRPORT 0.30%
- TCL TRANSURBAN GROUP 1.33%
- TLS TELSTRA CORPORATION LIMITED. 0.56%
- VCX VICINITY CENTRES 0.00%
- WBC WESTPAC BANKING CORPORATION 0.69%
- WES WESFARMERS LIMITED 0.59%
- WFD WESTFIELD CORPORATION 0.29%
- WOW WOOLWORTHS LIMITED -0.63%
- WPL WOODSIDE PETROLEUM LIMITED -1.57%
Key Stories
Aussie retail's little Britain
House of Fraser and Debenhams are the latest UK retailers to target Australian shoppers.
Markets Live: ASX rises for a second day
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Advances by mining and energy stocks lifted equities on Wednesday.
Democrats would be handy right now
It's a little late in a number of ways, but this would be a very good time to start the original Australian Democrats – an alternative to the increasingly tired and clichéd mainstream alternatives, a middle-path party to "keep the bastards honest".
Clifford gives Qantas shares wings
Qantas chairman Leigh Clifford bought $101,400 of the airline's shares, showing he thinks it's good value after falling as much as 18 per cent earlier this week.
Woodside sales slashed
Woodside Petroleum has suffered a 30.3 per cent drop in sales for the first quarter as the impact of lower oil and LNG prices hit home.
$A jumps through US78¢
The Australian dollar burst through US78¢, after commodities rocketed higher, the US dollar weakened and there was no "jawboning" in sight.
- Markets Australian 'Wolf' lost millions, court told
- Business ACCC delays $140b beer merger ruling
- Mining and Resources BHP cuts iron ore target
- Aviation Malaysia boss headed for early exit
- Business Corporate Travel in $28m US acquisition
Market Indices
Last updated: April 20, 2016 - 4:35PM
Last updated: April 20, 2016 - 4:35PM
Last updated: April 20, 2016 - 4:35PM
Last updated: April 20, 2016 - 4:35PM
Why Don Draper must die
Nowhere is advertising feeling its loss of prestige as much as it is in its most vital asset - talented people.
In Depth
Call to to reverse foreign aid cuts
Leaders from major denominations have called on Treasurer Scott Morrison to stop Australia's foreign aid falling to the least generous level in history.
Low-carbon transport will save billions
Shifting to a low-carbon transport system would have save the world $US330 billion in oil.
Government's big super plan
VIDEO: The Coalition is set to reveal on budget night, a superannuation tax plan that will rake in more money than Labor's will.
Workplace
When not negotiating pays off
Sometimes, opting out of pay negotiations can be financially beneficial.
Clean up your desk, but not too much
Too much mess can lower your productivity - but so can too little clutter.
Markets
Can the sharemarket rally last?
After a horror start to the year, Australian stocks – especially miners and banks – have rallied strongly. But how much further can the market rally run?
China's trading calm comes to a halt
China's stocks headed for their steepest slide in seven weeks, pushing a gauge of volatility up from its lowest level this year.
Japanese bond purchases help buoy $A
Negative interest rates and stock weakness in Japan has revived demand from Japanese investors for Australian government bonds, helping boost the $A.
- Yahoo seeking right deal, says Marissa Mayer
- Intel to cut 12,000 jobs as PC market wanes
- Iron ore surges 4.1pc on China steel demand
- S&P; 500 closes above 2100 on commodity producers
- Goldman's first-quarter income plunges 60pc
- need2know: Shares to rise on commodities
- 'Are we that desperate?'
- ASX up 1pc as commodities firm
Oil shock shortlived as dollar hits 10-month high
Search Quotes & Charts
The Economy
Morrison needs a reality check on tax
The government's theme for selling the budget reads like a Seinfeld script.
How 76 profitable companies left taxpayers $5.6b out of pocket
New report found the average rate of tax paid was 16.2 per cent - or less than the income tax rate paid by a working nurse in Australia.
Retail
'Karget' will lose sales to Big W, Wesfarmers warned
A merger of Target and Kmart would see shoppers abandon both in favour of Big W, their owner Wesfarmers has been warned.
Coca-Cola Amatil to Monster energy drink market
Coca-Cola Amatil is set to challenge for leadership of the $1.2 billion energy drinks market after securing the rights to distribute Monster Energy drinks.
Banking & Finance
Perpetual suffers market volatility
Stressed equities markets have hit Perpetual, causing the wealth-management giant to suffer a $1 billion blow to its assets under management.
Banks fret law will stir digital economy fear
As banks brace themselves for a tougher regulator, they are are concerned about more intrusive regulation of IT security.
Mining & Resources
Palmer's nephew to give evidence in court
Clive Palmer's nephew will be called to give evidence on Wednesday in the Supreme Court of Queensland.
Iron ore surges 4.1pc on China steel demand
Iron ore extended a rally above $US60 a tonne as steel prices in China surged amid a drawdown in product inventories.
World Business
Is Elizabeth Holmes' stunning success story approaching a bloody end?
Elizabeth Holmes is learning a hard truth: the highest fliers fall hardest. But the world's youngest female self-made billionaire still has a few cushions to fall into.
Are there too many Harleys?
Analysts have suggested that Harley Davidson may have to prune models as its global sales rise but profits fall.
Consumer Affairs
'It was a hush-hush thing'
A fire broke out in Patricia Borg's laundry. But two different stories have emerged about what happened in the aftermath.
The secrets of the top fashion labels
Luxury brands Chanel, Hermes and Prada are among the least transparent when it comes to reporting their social and environmental standards.
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Property Focus
John McGrath backs his business with share buy
John McGrath has backed his own management and business with the outlay of about $500,000 to buy the same amount of shares.
Strata deals straight on
Investors put off by the tightening yields on strata shops in Melbourne's CBD are looking upwards to strata offices.
Charter Hall in running for 1 Shelley Street
Charter Hall has emerged as the front runner to buy the Macquarie bank office at 1 Shelley Street in Sydney's Darling Harbour, with a price tag of about $500 million.
WiFi makes land grabs at mall near you
Who turned off the lights in Sydney?
Neon sky signs once glowed across Sydney's CBD and North Sydney but over time some of the proud names, which still stand, are lifeless at night.
Executive Style
Have your mid-life crisis in style
Don't turn into a walking cliche; accept you're old and spoil yourself.
Money
Blended families need an iron-cast will
When someone dies leaving a DIY will, a surviving spouse and children from a previous marriage, it can be a recipe for disaster.
Top deductions most taxpayers forget
Beyond the handbag or man bag, there are easy deductions taxpayers miss every year.
Small Business
Cleaning up after the meth mess
Ice is costing communities dearly, but it's also presenting unique business opportunities for companies willing to clean up the mess.
Inside the collapse of Jaffle Jaffle
The founder of a chain of toasted-sandwich stores blames high commercial rents and tenant delays for its liquidation.
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Comment & Analysis
Malcolm, you've misjudged the mood
Contains:
This article contains a video.
Panama Papers: a chance to boost transparency
Contains:
total comments1
This article contains a video.
'Are we that desperate?'
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This article contains a video.