Banking

October 2017

Banking executive draft legislation sparks protests – October 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

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).

September 2017

Tougher rules on credit card surcharges from 1 September 2017 – September 2017

Filed under: Economy and Finance, Banking, Trade and industry, Business,

The Government’s ban on excessive credit card surcharging for all businesses took effect from 1 September.

Increased powers proposed for APRA in financial crises – September 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

The federal Government has released draft legislation to overhaul the powers of the Australian Prudential Regulation Authority (APRA) during times of financial crisis.

August 2017

Open Banking Review publishes issues paper – August 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

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.

Government review to recommend on greater consumer control of banking data – August 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

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.

Draft legislation to allow more financial institutions to call themselves ‘banks’ – August 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

The Federal Government has published draft legislative changes designed to allow wider use of the term ‘bank’.

July 2017

Consultation paper published on banking executive accountability regime – July 2017

Filed under: Economy and Finance, Banking,

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.

June 2017

Treasurer returns fire in banks campaign – July 2017

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

Treasurer Scott Morrison has said Budget measures affecting the banks makes them more accountable and will keep their behaviour in check.

May 2017

Questions raised about revenue amount from bank levy – May 2017

Filed under: Economy and Finance, Banking, Tax, Politics, Australian Politics,

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.

November 2016

Government plans to establish new financial advisers regulator – November 2016

Filed under: Economy and Finance, Banking, Financial Advice,

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.

October 2016

Labor maintains Royal Commission call as bank chiefs front parliamentary committee - October 2016

Filed under: Economy and Finance, Banking, Financial Regulation, Politics,

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.

September 2016

Labor alleges ‘stitchup’ over banking inquiry – September 2016

Filed under: Economy and Finance, Banking, Economy,

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.

August 2016

Greens explore royal commission alternative – August 2016

Filed under: Economy and Finance, Banking, Politics, Australian Politics, Senate,

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.

Xenophon calls for change in Reserve Bank targeting – August 2016

Filed under: Economy and Finance, Banking, Politics, Australian Politics, Senate,

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.

Shorten critical over banks and Census – August 2016

Filed under: Economy and Finance, Banking, Politics, Australian Politics,

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.

Greens aim for new bank levy – August 2016

Filed under: Economy and Finance, Banking, Politics, Australian Politics, Senate,

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.

Interest rate decision sparks renewed royal commission battle – August 2016

Filed under: Economy and Finance, Banking, Economy, Finance, Politics,

With Labor threatening to pursue its proposal for a banking royal commission in the new Parliament, the Coalition has produced an alternative.

July 2016

Leyonhjelm calls for greater Reserve Bank accountability

Filed under: Economy and Finance, Banking, Financial Regulation, Politics, Elections,

Re-elected Liberal Democrat Senator David Leyonhjelm will be campaigning for greater accountability on the part of the Reserve Bank of Australia.

April 2016

Labor maintains pressure for Royal Commission as Government boosts ASIC – April 2016

Filed under: Economy and Finance, Banking, Politics, Australian Politics, Elections,

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.

October 2015

Consumer protection focus of Turnbull Government response to Murray Inquiry – October 2015

Filed under: Australian Politics, Banking, Finance, Financial Regulation, Financial System Inquiry,

The Turnbull Government has announced key consumer protection measures in its response to the Murray Financial Services Inquiry.

September 2015

Consultation on industry funding for ASIC – September 2015

Filed under: Australian Politics, Banking, Financial Services, Business, Regulation,

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).

March 2015

The difficulties of changing tack – March 2015

Filed under: Australian Politics, Opinion Polls, Banking, Health,

Three events over the last week or so highlight the parallel universes and disconnects of our current political and economic firmament.

February 2015

The Financial System Inquiry – Banking – February 2015

Filed under: Australian Politics, Banking, Financial System Inquiry,

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.

Credit card services opened to new providers – February 2015

Filed under: Australian Politics, Banking,

The federal Government announced in October 2014 that it was moving to increase competition in the credit card industry.

October 2014

Credit card services opened to new providers - October 2014

Filed under: Australian Politics, Banking,

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.