This Month
The top six business trends for 2025
Here are six themes we expect to make news in 2025, from professional services to crypto and artificial intelligence across offices, boardrooms and suburbs.
December 2024
ASX says it will trade as normal on Monday, narrowly avoiding disaster
The market operator had been hit by technical issues on Friday which meant that trades could not be settled. Staff worked through the weekend to fix the issue.
ASX scrambles to fix CHESS settlements outage as traders fume
At lunchtime on Friday as many stockbrokers went to end-of-year lunches, the market operator said its batch payments had failed, threatening a cash flow crunch.
ASIC’s attempts to clarify crypto rules confuses digital exchanges
Independent Reserve, BTC Markets and Kraken say new guidance and industry calls have not provided any clarity about whether they will need to obtain licences.
Debit surcharge ban unfairly favours major banks, claims Square
The Block subsidiary introduced “blended” card payment fees which include using its software. They have become a flashpoint in the RBA’s payment cost review.
- Updated
Westpac CFO retires, giving Miller chance to reshape leadership
Michael Rowland said he would leave next year, taking to three the number of senior positions to be filled by the bank’s new chief executive.
How CBA’s $3 fee gambit nearly blew up the bank’s political capital
Bankers inside Commonwealth Bank’s retail division figured a small branch cash withdrawal charge was innocuous. They were wrong.
Barrenjoey stokes political debate over APRA’s home-lending policy
The investment bank says a Coalition-led Senate committee report last month – challenging the prudential regulator on first home buyers – “appears logical”.
ASIC sues HSBC Australia over slow scam response
ASIC claims some customers of the international bank lost $90,000 due to scammers, after warning it of suspicious activity on their accounts.
Calls grow for Westpac to reveal energy transition plan thinking
Australian Ethical and Market Forces have put forward a resolution for a second year seeking more detail on the bank’s assessment of borrowers’ transition plans.
Cut surcharges by divorcing debit and credit, Westpac tells RBA
Blended pricing structures charge retailers a flat fee no matter the card, and lead to debit card users subsidising benefits for credit card users.
NAB offloads rest of MLC to Nippon, new life insurer Acenda created
MLC Life Insurance will merge with the local subsidiary of Resolution Life to create Acenda, after Nippon Life bought Resolution for $US8.2 billion.
- Updated
- Executive shake-up
ANZ investors see new chief executive Nuno Matos as a clean slate
The bank appointed the former HSBC wealth boss to succeed Shayne Elliott over internal candidates. The Portuguese banker, 57, will take up the job next year.
- Updated
Architect of Murray inquiry says banks can be agents of growth
David Murray is still railing against a “one-size-fits-all approach” to governance, which he says has forced banks to drop gas clients and let private credit sneak in.
Banks, insurers told to work harder to prevent financial abuse
A committee chaired by Labor senator Deborah O’Neill has tabled 61 recommendations to reduce the insidious practice.
ASIC slams insurers for gaping holes in complaints systems
“We are extremely disappointed with what we found here,” ASIC commissioner Alan Kirkland said, putting IAG, QBE and Suncorp on notice.
- Opinion
- Business People of the Year
Matt Comyn finds his voice – and delivers for shareholders
The CEO has driven the Commonwealth Bank from strength to strength, propelling him on to the 2024 The Australian Financial Review Business People of the Year list.
CBA backs down on withdrawal fee after Chalmers leans on Comyn
Treasurer Jim Chalmers had called the $3 charge for branch withdrawals “unacceptable”. Australia’s largest bank reconsidered.
ASIC moves to expand its oversight of crypto and digital assets
The corporate regulator’s new guidance outlines more than a dozen examples of how it intends to assess what is in – and out – of financial services laws.
Restaurants warn fee ban will lead to prices to rise
The government’s proposal could see credit card users doubly penalised by paying higher prices, and face an additional surcharge set around 2 per cent.