Today
Raise bank levy and force AusPost deals, branch closure probe says
The government should build a new publicly owned bank to service regional towns and increase the major bank levy, a Senate inquiry has found.
- Updated
- Lucas Baird
Why Bendigo Bank shares are up sharply this month
Bendigo’s senior management briefed analysts and investors on a new four-year strategy, which includes a new lending platform and push into business lending.
- James Eyers
Yesterday
Bank users face extra $370m in fees to keep rural branches open
The costings come as a Senate probe into the impact of branch closures on regional communities prepares to report on Friday.
- Updated
- Lucas Baird
This Month
APRA warms to AI, tells banks they can adopt it
A senior APRA member has told an industry event that banks with proper governance systems and technology in place should feel confident proceeding with advanced AI.
- James Eyers
Four listed fintechs say they’ll be smashed by credit report rules
Plenti, MoneyMe, Harmoney and Wisr allege major banks are conspiring against them by restricting access to crucial credit file data they use to price loans.
- James Eyers
Zip’s Larry Diamond returning to Sydney, says US mission accomplished
Diamond says he heeded warnings from James Gorman, setting Zip onto a profitable path in the US, where he expects BNPL to keep winning share off credit cards.
- James Eyers
Why former APRA exec Geoff Summerhayes is targeting reverse mortgages
The product, shunned by major banks, lets retirees release equity from their homes to top up retirement income. Heartland wants to grow its $1.7b book.
- James Eyers
Lenders creating ‘unnecessary barriers’ for struggling customers: ASIC
With living costs high, ASIC chairman Joe Longo has issued a stern report on bank hardship policies. ABA chief Anna Bligh says processes are being improved.
- James Eyers
Westpac brings back time sheets for salaried staff up to $140k
Time recording for high-earners is becoming the new norm in the finance sector as firms guard against underpayments from excessive overtime. But some white-collar workers “hate it”.
- David Marin-Guzman
Traders finger ‘pre-hedging’ in ANZ bond probe
Fixed income traders say pre-hedging is “a grey area” riddled with inherent conflicts of interest. ASIC has already targeted Westpac over the practice in swap markets.
- James Eyers and Cecile Lefort
ANZ confirms investigation of its government bond sale
ANZ said is “co-operating fully” with ASIC as it investigates “suspected contraventions” of the Corporations Act relating to a government bond sale last year.
- James Eyers
ANZ wants to revisit Bank@Post deal amid scrutiny of branch closures
It is the only major bank not to allow customers to access services through Australia Post. Rural branch closures will be a focus of a Senate report this week.
- James Eyers
Business loan demand spikes, keeping inflation fears alive
CBA, the country’s largest lender, says a strong labour market is driving “robust” demand from companies, which could push up prices, economists warn.
- James Eyers and Lucas Baird
- Opinion
- Chanticleer
CBA shows this is not your parents’ slowdown
CBA’s chief executive started banging the drum on loss-making mortgages early last year. Now, the broader banking sector appears to be thinking along the same lines.
- Updated
- James Thomson
- Updated
- Earnings season
CBA profit falls to $2.4b but ‘momentum’ improves
Lower margins reduced profits at the country’s largest bank over the last three months, as higher interest rates saw late loan repayments rise.
- James Eyers and Lucas Baird
Westpac CEO wants super on a level playing field
The bank boss said comments by Apollo Capital Management should force an urgent rethink on regulatory rules for super funds.
- James Eyers
Westpac’s business boss eyes fast-charging financing demand
Anthony Miller says “business credit growth will be as good, if not better than in the first half” after three banks talked up their business lending pipelines.
- Lucas Baird
- Updated
- Earnings season
ANZ says it can reward shareholders and grow lending
The bank said profits were down in its retail business with conditions “more competitive than ever”, but lending to large companies was stronger.
- Updated
- Lucas Baird and James Eyers
- Opinion
- Chanticleer
The sneaky bad news in the banks’ $4.5b buyback bonanza
ANZ joined the bank buyback party on Tuesday. Investors love getting excess capital back, but do these buybacks show the banks are short of growth options?
- Updated
- James Thomson
Westpac deflects downturn with special dividend
The Westpac boss says the return of $1.5 billion to shareholders is a sign of confidence in the Australian economy and the outlook for bad debts.
- Updated
- James Eyers and Lucas Baird
