The federal Government, acting on its commitment to strengthen accountability in the banking system, has released exposure draft legislation for its proposed Banking Executive Accountability Regime (BEAR).
The Government’s ban on excessive credit card surcharging for all businesses took effect from 1 September.
The federal Government has released draft legislation to overhaul the powers of the Australian Prudential Regulation Authority (APRA) during times of financial crisis.
Treasurer Scott Morrison has released an Issues Paper, prepared by the Open Banking Review seeking feedback on the best approach for implementing an Open Banking framework for Australian customers.
The Federal Government has commissioned an independent review to recommend the best approach to implement an Open Banking regime in Australia, with the report due by the end of 2017.
The Federal Government has published draft legislative changes designed to allow wider use of the term ‘bank’.
Financial Services Minister Kelly O’Dwyer has released a consultation paper outlining the key features of the Banking Executive Accountability Regime announced in the 2017-18 Budget and the proposed approach for its implementation.
Treasurer Scott Morrison has said Budget measures affecting the banks makes them more accountable and will keep their behaviour in check.
The federal Government is facing a potential $2 billion hole in its budget forecasts, according to the big four banks, who have released their estimates of how much the new bank levy would cost them.
Minister for Financial Services and Revenue Kelly O’Dwyer has announced new measures that will require the large banks and AMP to fund the establishment of an independent body to oversee the professional standing of the financial services industry.
The interrogation of the big four bank leaders by a parliamentary committee has done nothing to blunt Labor’s push for a royal commission into the banking sector.
The Government has announced details of the decision to have the House of Representatives Standing Committee on Economics to call the banks to account for their decision making.
A senior adviser to federal Parliament suggests that the Opposition and minor parties could force a rare and powerful “commission of inquiry” into the banking sector despite the Government rejection of Labor calls for a royal commission.
South Australian Senator Nick Xenophon, now leader of the Nick Xenophon Team, has proposed that the Reserve Bank of Australia should abandon inflation targeting to favour a growth target instead.
Reaction to the latest profit reports from the big banks and their refusal to pass on the full reduction in interest rates made by the Reserve Bank has strengthened Labor’s hand as it continues to call for a royal commission inquiry into the banking sector.
After the Commonwealth Bank of Australia announced another record profit of $9.45 billion, the Greens said they would use their position in balance of power in the new Senate to push for a new levy on the big four banks and a banking Royal Commission.
With Labor threatening to pursue its proposal for a banking royal commission in the new Parliament, the Coalition has produced an alternative.
Re-elected Liberal Democrat Senator David Leyonhjelm will be campaigning for greater accountability on the part of the Reserve Bank of Australia.
The Turnbull Government has announced a beefing up of ASIC’s surveillance of banks in response to mounting pre-election pressure for action against the banks, notably Labor’s call for a banking royal commission.
The Turnbull Government has announced key consumer protection measures in its response to the Murray Financial Services Inquiry.
Assistant Treasurer Josh Frydenberg has released a consultation paper seeking stakeholder views on the potential introduction of an industry funding model for the regulatory activities of the Australian Securities and Investments Commission (ASIC).
Three events over the last week or so highlight the parallel universes and disconnects of our current political and economic firmament.
The Final Report of the Financial System Inquiry says Australian banks should increase their capital levels to a point that ensures they are in the top 25 per cent of banks internationally.
The federal Government announced in October 2014 that it was moving to increase competition in the credit card industry.
The federal Government is moving to increase competition in the credit card industry by expanding the number of companies that can issue cards or process card transactions for retailers.