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Latest news and insights on banking and finance in Australia and New Zealand, as delivered in the daily 7am Banking Day email news service (subscribe or take out a free trial).

Hockey sets out to tax super savings
31 March 2015 6:53am
Artificially "converting" labour income into income from savings is a social problem, and one that may lead to tax policy reform, if Joe Hockey and the Abbott government share this thinking. » read more »
Scandinavian savings tax model promoted in tax paper
31 March 2015 6:53am
A "schedular system under which various types of income from savings are taxed separately to other income, and are taxed at relatively low, flat rates," is one centrepiece of the discussion paper on tax policy reform, released yesterday. » read more »
Treasury flags economic cost of business bias towards debt finance
31 March 2015 6:52am
One of the questions raised in Treasury's tax discussion paper that could have a direct bearing on the business banking sector is whether the tax system should provide a more neutral treatment of different financing arrangements. » read more »
IMB completes its third share buyback
31 March 2015 6:51am
Building society IMB has completed the third in a series of off-market share buybacks, paying A$16 million to buy 2.99 million shares at a deemed market value of $5.35 a share. » read more »
PayPal calls for e-payments code to be compulsory
31 March 2015 6:50am
PayPal wants Apple and all other companies offering digital wallets to be compelled to adhere to the Australian Securities and Investments Commission’s e-payments code of conduct before being allowed to set up shop in Australia. » read more »
AMP Bank offers HCE for mobile payments
31 March 2015 6:50am
AMP Bank has joined Commonwealth Bank and CUA in adopting host card emulation technology for mobile payments.  Like CUA, AMP Bank is working in partnership with Cuscal to offer HCE. » read more »
NPP gets Fundtech's seal of approval
31 March 2015 6:49am
Global financial technology provider Fundtech has given Australia's New Payments Platform a big tick, saying the scheme, which is under development, includes a number of features that will encourage innovation in the payments industry. » read more »
Large merchants still applying high card surcharges
31 March 2015 6:49am
Larger merchants are more likely to apply payment card surcharges and they tend to apply higher charges than small merchants, new research has found. » read more »
Briefs: Local NZ banks rated the best for service, Macquarie CEO to chair Screen Australia, Westpac cuts remittance service
31 March 2015 6:48am
Consumer NZ’s latest bank survey found local banks achieved the highest customer satisfaction ratings. Overall, 89 per cent of Consumer members rated their bank’s service as good or very good.
» read more »
Overseas briefs: RBS selling off Coutts, UK banks agree to allow post office access, India tightens non-bank regulation, European and US banks slash headcounts, China concerned about deflation
31 March 2015 6:46am
The Swiss private banking sector will undergo further consolidation after the Geneva-based Union Bancaire Privée (UBP) agreed a deal to buy the non-British business of Coutts from the Royal Bank of Scotland (RBS), reports Swissinfo. » read more »
Bank deposit levy locked in
30 March 2015 6:52am
The Australian government is planning to proceed with a tax of five basis points on bank deposits to be announced in the May Budget, the Financial Review reported on Saturday. » read more »
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