Yesterday
NAB executive warns of ‘elusive’ productivity gains in age of AI
Finance executives have been circumspect about the transformative power of the new technology, suggesting return on investment should be the focus.
APRA warned Cuscal on risk settings ahead of IPO
The payments company, set to list on the ASX next week, is working with the regulator to improve compliance systems after an external review disclosed in its prospectus.
This Month
NAB taken to court for ignoring customers’ pleas for help
The bank failed to respond within legal timeframes to 345 hardship requests between October 2018 and September 2023, ASIC says in a new Federal Court action.
- Exclusive
- Big four
Banks face new levy to keep rural branches open
Banks would pay a levy of up to tens of millions dollars each a year if they fail to keep a large enough presence in regional and rural areas.
ASX denies breaking law over CHESS status, relied on technology vendor
Exchange boss Helen Lofthouse said it is in the interests of the company and its shareholders for it to defend a case alleging misstatements about the project.
- Updated
CBA’s Comyn boils over at Apple free-riding on banks
The CBA boss said the government should consider hitting tech companies with a bank-style levy to even the competitive playing field.
CBA says borrowers are banking tax cuts to bolster mortgage buffer
Commonwealth Bank said its borrowers hoarded the benefits of the government’s stage three tax cuts to afford themselves breathing room on their mortgages.
- Updated
ANZ banks on Plus to cut costs by a third despite market scepticism
The lender has floated the idea of cutting mortgage costs if it can transition some 7 million customers onto the new technology platform by the end of 2028.
- Updated
- Earnings season
ANZ’s Elliott warns Trump policies could mean later, smaller rate cuts
The bank’s chief executive said local borrowers were resilient despite an increase in overdue loan payments, with most tax cuts being saved instead of spent.
- Updated
ANZ bond scandal hits Shayne Elliott’s bonus, with all staff at risk
The bank’s chief executive said there were clearly “morale” issues in the markets division at the centre of the trading allegations as executives took pay cuts.
Inside a decade-long rollercoaster ride with Afterpay’s Nick Molnar
Ten years ago this week, the buy now, pay later firm’s founder sold some jewellery to his business partner Anthony Eisen in a novel way: pay-in-four.
Trump trade war could force the RBA to jack up rates
KPMG modelling shows that inflation could take off if China retaliates against Donald Trump’s tariffs, while Australia’s mining sector could suffer a $12b export hit.
- Updated
- Updated
- Earnings season
NAB arrears hit highest since 2020, and could worsen
Borrowers behind on their loan repayments “could trend a little bit up”, National Australia Bank chief executive Andrew Irvine says.
- Updated
Incoming Westpac boss Anthony Miller takes on bank’s tech rescue
A $3 billion-plus technology project known as Unite will become a key plank of the new Westpac boss’ agenda when he takes the reins next month.
- Updated
- Earnings season
Westpac baulks at special dividend with US election in play
Outgoing CEO Peter King says that while the domestic economy is “showing positive signs”, it is a more uncertain dynamic overseas.
- Updated
Bank investors alert for margins and costs reckoning
As Westpac kicks off a week of bank results, analysts are looking for evidence of margin pressure from intensifying competition amid soft lending.
Macquarie boss says accountability matters after ASIC jibe
After being slapped with a record fine for failing to monitor energy futures markets, the bank pledged to identify root causes and hold staff accountable.
Macquarie pins hopes of a bumper 2025 on deals
The shares fell 3.6 per cent on Friday after the group flagged commodities and global markets income will be down next year, missing first-half expectations.
- Analysis
- Housing crisis
Five fixes to the housing crisis – from smaller homes to more builders
From more migrants with building skills to incentivising different types of housing, three chief executives give their suggestions on how to develop more homes.
Construction workers should be 10pc of migration, big developers urge
That was one of the key messages from a housing roundtable that focused on how to remove roadblocks to increasing the supply of affordable houses