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).
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Consistent Suncorp expects profit growth in mid teens'
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10 June 2004 12:00amYesterday was some sort of season for managing investor expectations about regional bank profits. Suncorp published guidance on their performance in the year to June 2004. The financial services group said: » read more »
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Housing finance approvals
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10 June 2004 12:00amHousing finance approvals in Australia picked up for a second month in succession, prompting plenty of muddle among all those bank and market economists over interpretation. One Commonwealth Bank economist interviewed on ABC last night argued that the increase in the average loan size indicated the house prices must be on the rise, contrary to most market indicators. Anyway, the basic data as reported for April 2004 by the Australian Bureau of Statistics: » read more »
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Credit unions demand Reserve Bank take control of ATM charging
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09 June 2004 12:00amCredit unions and building societies are looking to the Reserve Bank of Australia to take the lead in the regulation of all consumer payments streams, following the decision of the major credit union body to abandon a tentative plan by all retail banks to seek approval from the Australian Competition and Consumer Commission for a new charging model for automatic teller machines. » read more »
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Low doc loan market tough to monitor
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09 June 2004 12:00amThe size and growth of the low documentation home loan market is becoming an increasingly important monitor of the dynamics of the overall home loan market, but how big is this segment market? Nobody really knows. » read more »
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Former HomeSide head Brian Jones jons Homeloans
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09 June 2004 12:00am
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Reserve may rope three-party credit card schemes into regulatory net
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07 June 2004 12:00amNational Australia Bank is be on the verge of introducing its long-expected American Express card that may also be tied to debit card accounts, but the bank may find that payments regulator considers NAB's arrangement with AmEx to be a regulatory dodge. » read more »
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RBA would designate' Eftpos
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07 June 2004 12:00amThe Reserve Bank of Australia "would designate" Eftpos under its payments system powers if there was a case to do so, the bank's governor, Ian Macfarlane, told the parliamentary committee on Friday. But he didn't provide much guidance on how soon the RBA might use those powers to designate Eftpos, in light of the consultations already taking place on this issue. » read more »
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Don McGauchie cleared, but Warwick McKibbin barred from outside finance role
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07 June 2004 12:00amThe Reserve Bank governor wants to extend the policy barring RBA board members from being associated with financial institutions. » read more »
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SEC enforcers investigating NAB's management and control failures
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03 June 2004 12:00amThe investigation by the Securities and Exchange Commission's enforcement division into National Australia Bank appears to on the trail of a series of management and control failures judging by disclosures in an offering memorandum for its European medium term program that was released yesterday. » read more »
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Further breaches of audit independence rules by NAB
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03 June 2004 12:00amNational Australia Bank's potential breach of Securities and Exchange Commission rules on auditor independence may be more extensive than previously revealed. » read more »
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Winston Smith hired by NAB media unit
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03 June 2004 12:00am
