Archived News for Finance Sector Professionals - July, 2012
The Federal Government has announced a new high-level dialogue between senior business leaders from Australia and Hong Kong on RMB trade and investment.
Treasurer Wayne Swan said the high-level dialogue will be private sector led, and described it as a crucial vehicle for deepening the valuable market and building deeper trade links between Australia and Hong Kong and will be facilitated by the Australian Treasury, the Reserve Bank of Australia and the Hong Kong Monetary Authority.
Mr Swan said the initiative will bring together senior banking and other business leaders from Australia and Hong Kong to maximise opportunities from the wider use of the RMB in trade and investment in the Asia Pacific region.
HILDA gives insights into Australia's GFC performance
Melbourne University’s Household Income and Labour Dynamics in Australia (HILDA) Survey has produced a detailed report, showing how Australia coped during the global financial crisis.
Perpetual to sell mortgage business to FMS
Financial services group Perpetual Limited has announced it has undertaken its first major step in its Transformation 2015 program by reaching an agreement to sell its mortgage processing business (trading as Perpetual Lenders Mortgages Services or ‘PLMS’) to FAF International Property Services, an affiliate of First Mortgage Services (FMS).
Queensland outlines response to audit
The Queensland Government has outlined its interim response to the recently released Commission of Audit into the state’s finances, with Treasurer Tim Nicholls pledging the Government will return the state’s finances ‘to a position of strength’.
Unemployment inches to 5.2 per cent
Australia's seasonally adjusted unemployment rate increased 0.1 percentage points to 5.2 per cent in June, as announced by the Australian Bureau of Statistics (ABS).
The ABS reported the number of people employed decreased by 27,000 to 11,500,500 in June. The decrease in employment was mainly driven by decreased full-time employment, down 33,500 people to 8,065,500, and was offset by an increase in part-time employment, up 6,600 people to 3,435,000. The decrease in employment was driven by a decrease in both male and female full-time employment.
The number of people unemployed increased by 7,200 people to 631,300 in June, the ABS reported.
Monthly aggregate hours worked showed a decrease in June, down 19.6 million hours to 1,602.1 million hours.
The ABS reported a decrease in the labour force participation rate of 0.2 percentage points in June to 65.2 per cent.
This month's article 'What's new in Labour Force' provides details regarding the impact of preliminary population estimates from the 2011 Census of Population and Housing and also the upcoming improvements to the labour force survey as a result of a holistic review of the entire ABS Labour Household Survey program.
More labour force results are in the June 2012 issue of Labour Force, Australia (cat. no. 6202.0), as well as the upcoming June 2012 issue of Labour Force, Australia, Detailed (cat. no. 6291.0.55.001) due for release next week on July 19. Both publications are available for free download (after release) from the ABS website - www.abs.gov.au.
Brisbane to host G20 summit
Prime Minister Julia Gillard has announced Brisbane as the host city for the G20 Leaders Summit in 2014, the premier forum for global economic co-operation and decision making.
FWO releases phoenixing report
The Fair Work Ombudsman (FWO) has released a research report into phoenix activity in Australia, which estimates the activity could cost the Australian economy upwards of $3.19 billion.
Government releases money laundering report
The Federal Government has released a report into the effects of money laundering and other serious offences to Australian businesses and the broader community.
Government warns of growing investment fraud
The Australian Crime Commission (ACC) and the Australian Institute of Criminology (AIC) have co-published a report which provides a national picture and nature and threat of serious and organised investment fraud in Australia.
Samsung tips record profit for 2nd quarter
Samsung Electronics says second-quarter operating profit is likely to hit a record high of about 6.7 trillion won ($A5.75 billion).
Government finds $2.8 billion in lost super
The Federal Government released figures which show that $2.8 billion in lost super has been reclaimed. The figures now estimate the total amount of lost super is now $17.4 billion, a 14 per cent fall from the previously reported $20.2 billion.
Ansett workers finally paid super
Around 11,000 ex Ansett employees will receive their superannuation entitlements a decade after the company was put into administration. The Trustee, Mercer Superannuation, has advised the Federal Government that approximately $16 million has been paid to members.
ASIC confirms DJ's investigation
The Australian Securities and Investments Commission (ASIC) has confirmed it is investigating the increasingly bizarre takeover bid surrounding retail giant David Jones.
RBA leaves rates unchanged
The Reserve Bank of Australia (RBA) has left the country’s official cash rate unchanged at 3.50 per cent, citing an unchanged outlook on inflation coupled with a stronger than expected economic performance in the first half the year.
Government's super changes come into effect
The Federal Government’s changes to the superannuation tax system has come into effect, ensuring that low income individuals on less than $37,000 per year effectively pay no tax on their contributions.
Tick and flick service starts
The Federal Government’s new ‘tick and flick’ bank switching service has come into effect, allowing depositors to move their money in deposit accounts with greater ease.