Slimmed-down AMP to accelerate growth as profits dive
Wealth manager AMP is set to focus on its banking, superannuation and platforms businesses after further consolidation.
Financial Services
Call to make unions stump up for industry super fund fines
Unions would be forced to pay millions of dollars for risk reserves in industry super funds under a proposed shake-up of governance standards.
Brookfield Oaktree pushes into private credit crowd
Brookfield Oaktree Wealth Solutions is expanding into Australia’s crowded private credit market with a fund it says can respond to benign or dislocated market conditions.
Bigger the better: Batteries giving Origin life after coal
With a brutal bidding war now a distant memory, Origin Energy boss Frank Calabria is opting for an unconventional path in the race to build out clean energy.
IAG punished on premium slowdown
The insurer’s interim net profit jumped 90 per cent in the first half, but investors are more concerned about the premium outlook.
CBA accelerates tech investment to record levels
CEO Matt Comyn is ramping up the bank’s technology investment, given his staunch view of the role AI, digital infrastructure and tech execution will play over the next decade.
Banker Ross McEwan will shape BHP for decades to come
The former NAB chief executive has one major job ahead as he takes on Australia’s most powerful board role.
Mortgage lending changes ‘force more debt on graduates’
Lenders have gotten behind proposed changes to the treatment of student debt for home loans, but economists argue it will see borrowers take on more debt.
‘Green shoots’: CBA shows we’ve finally hit a turning point
The banking giant is the closest thing Australia has to a real-time measure of the economy. And big investors are now betting on an important shift coming.
Don’t bank on a rate cut: CBA
Commonwealth Bank CEO Matt Comyn says a legion of homeowners would be disappointed if interest rates were not cut next week, but says rate relief is by no means a certainty.
Macquarie quits climate alliance amid policy shift
Macquarie is the first major Australian lender to withdraw from the Net Zero Banking Alliance, while larger rival CBA will reassess its membership.
More big paydays coming for Suncorp investors ‘soon’, says boss
Suncorp will splash the cash as it hands out proceeds from its bank sale and bumper dividends, after hitting net profit of $1.1bn in the first half of the financial year.
Macquarie to bolster private credit ops as earnings track steady
The banking major has shrugged off the impact of the US pulling back from green energy and flagged scaling up its private credit operations.
Three documents at core of PwC tax scandal probe
A series of Freedom of Information searches have revealed details of the AFP investigation into PwC Australia’s tax scandal.
Stronger together: Behind Ryan Stokes’ billion dollar bet
Where the trend in business is to slim down, spin-off and simplify, Ryan Stokes has been going in the other direction.
APRA investigates Cbus spending
The construction industry super fund handed more than $2m to unions in fiscal 2024 and is facing a fresh insurance scandal.
Bank closure ban extended to 2027
A string of deals from the banking sector have been struck, amid a looming plan to punish banks with limited rural and regional presence.
NZ a warning on super-for-housing: Super lobby
The Super Members Council says New Zealand’s experience shows what lies ahead for Australia if workers are allowed to access their super for housing.
Blue steel: Australia gets a ticket to Trump’s trade war
The promise of sweeping steep steel tariffs is set to deliver the first big test for Anthony Albanese’s relationship with the White House in the Trump 2.0 era.
AMP’s digital-first app targets small firms
With an app designed for small business owners and side hustlers, AMP aims to ease financial admin and enhance security for Australia’s overlooked entrepreneurs.
Arrogant Big Super opts out of decency
Thousands of Rest Super members wrongly slugged for insurance have been told they need to get in contact if they don’t want to keep paying the fees turned on by ‘accident’ months ago.
ASIC to scrutinise super funds over mergers
As the industry battles member service failures, the corporate regulator is turning its attention to the rapid consolidation in the market.
AMP urges super funds to lift their game on engagement
Super funds must work harder to improve engagement, digital advice options and service outcomes for members, says AMP head of superannuation and investments Melinda Howes.
First Guardian investors in limbo as link to developer revealed
A financial services company that suspended redemptions in May has ties to a Melbourne property developer who is fighting allegations he spent millions of dollars on personal expenses.
Age-old structure unsuitable for the super industry, says report
The Conexus Institute believes the $3 trillion superannuation industry is struggling with legacy systems and processes ‘unsuitable’ for large financial organisations.
$10m needed to double financial adviser numbers
Financial advisers have urged the government to chip in $10m at the federal budget to bolster dwindling hiring rates and reduce the cost of advice.
‘Mind-boggling policy’: Super lobby replies to Coalition’s housing plan
The super lobby has criticised the federal Coalition’s plan for first-home buyers to dip into their retirement savings, saying the lack of supply in the market is the main issue.
Macquarie takes sales pitch on tour as doubts surface over asset sales
Macquarie Group’s ability to offload assets within its portfolio and investment funds is under scrutiny as it prepares to take investors and analysts on a tour of the UK and France.
Forum Finance fraudster Papas sentenced to jail by Greek court
Greek-Australian printer rental magnate and fraudster Bill Papas has been sentenced to seven years’ jail in Greece after failing to pay former players and staff at his football club, Xanthi.
Brookfield joins $3bn tussle for Insignia
Brookfield has matched offers from rivals Bain Capital and CC Capital for the wealth manager.
Original URL: https://www.theaustralian.com.au/business/financial-services/page/6