The Australian Taxation Office will operate a new “super business registry”, funded with a A$420 million allocation in next week’s Budget, the AFR reports. The investment will be used to fulfil the 2018-19 Budget objective to amalgamate the Australian Business Register and the 31 more registers administered by ASIC.

 

AMP Bank has completed its first issue of residential mortgage-backed securities for 2020, raising A$1 billion. It will pay a margin of 100 basis points over BBSW on the $920 million of A notes and 165 bps over BBSW on the $41.1 million of AB notes.

 

Payroll blunders at Bank of Queensland may mean the bank “has been incorrectly paying some staff for much of the past decade” the AFR reports in its Street Talk column. The payment problems related to base rate payments, overtime and penalty rates, and superannuation, often relating to casual employees. NAB is one more bank with an underpayment problem to mitigate. NAB bank has had a “pay audit” underway for three months, with a focus on 40-hour contracts for Group 3 & 4 staff.