Business
Banking & finance
‘Serious failure of corporate governance’: Former CBA subsidiary fined $1.71m after charging dead people fees
A total of 499 dead members were charged almost $700,000 in adviser service fees by Avanteos Investments Limited.
- by Simone Fox Koob
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Accountants are much more than number crunchers. As CPAs, they’re having an impact on everything from the music industry to climate change.
- by Nina Hendy
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‘Vacuum’ on crypto regulation opens door to influencers
Consumer advocates and the fintech sector have pointed to a regulatory vacuum that is stopping investors from getting financial advice on cryptocurrencies.
- by Clancy Yeates
Afterpay owner Block sees role for crypto in ‘everyday payments’
Cryptocurrencies have mainly taken off as speculative assets, but the US fintech giant thinks more Australians will use them for payments.
- by Clancy Yeates
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Banking products
Macquarie seeks to ‘disrupt’ by paying up for transaction accounts
Investment giant Macquarie Group says it wants to disrupt a key part of the retail banking market by raising interest rates sharply on transaction accounts.
- by Clancy Yeates
RBA can’t be ‘held hostage’ by marginal borrowers: former governor
Ian Macfarlane says recent mortgage borrowers at risk of being squeezed by higher interest rates should not prevent the central bank from raising rates to the level needed.
- by Clancy Yeates
Big four banks to pass on full rate rise to customers
The four major banks will increase mortgage rates by 0.5 percentage points, passing on the Reserve Bank’s latest rate rise to customers in full.
- by Simone Fox Koob and Clancy Yeates
Westpac passes on RBA rate rise in full
Westpac is the first major bank to announce its interest rate decision, saying it would increase mortgage interest rates by 0.5 percentage points.
- by Clancy Yeates
Bank shares drop as rate rise sparks bad debt fears
The RBA’s surprise 0.5 percentage point lift in interest rates has sparked fears of rising bad debts and a weaker housing market.
- by Clancy Yeates
‘Money was never going to be free forever’: Borrowers can withstand higher rates, says Westpac
Westpac senior executive Chris de Bruin says the vast majority of mortgage customers can manage a series of interest rate rises, though the bank is watching closely for weaker discretionary spending.
- by Clancy Yeates