Archived News for Finance Sector Professionals - August, 2011
The Australian Competition and Consumer Council has announced it will not oppose six large financial institutions each taking a share in a new credit reporting agency.
ANZ, CBA, Citigroup, GE Capital, NAB and Westpac will each take a four per cent share each in Experian Australia Credit Services.
Experian Australia Credit Services is a proposed joint venture between the financial institutions and Experian Group, a London based global provider of credit reporting services, which will have a 76 per cent shareholding. The financial institutions that will have minority interests in the proposed joint venture are currently the largest purchasers of credit reporting services and are important providers of a key input, credit information, to Australian credit reporting agencies.
AASB calls for input on international financial reporting standards
The Australian Accounting Standards Board (AASB) has called for comment to be incorporated into its response to the International Accounting Standards Board’s (IASB) Request for Views Agenda Consultation 2011.
RBA slashes forecasts
The Reserve Bank of Australia has slashed its gross domestic product forecast for the 2011-12 financial year by one percentage point.
Australian entrepreneurship healthy
Australia’s level of entrepreneurship has returned to pre-2007 levels according to an OECD report.
Australian e-economy tops $130 billion
A report commissioned by Google and published by Deloitte Access Economics shows that the direct contribution of the Internet to the Australian economy is valued at $50 billion, while wider benefits through productivity gains is at $27 billion and the value of benefits to households is at $53 billion.
WA digs heels in over tax reform
The Western Australian Government has reiterated its opposition to the planned Minerals Resource Rent Tax and Carbon Tax after State Treasurer Christian Porter expressed his disappointment over the Federal Government’s refusal to discuss the taxes in the October Tax forum.
Visa refuses to police international online GST collection
Visa has told the Productivity Commission in no uncertain terms that it cannot and will not enforce the collection of the goods and services tax (GST) on customers who purchase goods online from offshore sites for fear of legal and reputational ramifications.
ABS CPI June quarter 2011 up 0.9%
The Australian Bureau of Statistics Consumer Price Index rose 0.9% in the June quarter 2011, compared with a rise of 1.6% in the March quarter 2011.
The most significant price rises this quarter were for fruit (+26.9%), automotive fuel (+4.0%), hospital and medical services (+3.4%), furniture (+6.0%) and deposit and loan facilities (+2.1%).
Shadow RBA supports interest rate
The Australian National University’s (ANU) new shadow reserve bank board has publicly backed the current interest rate, with the majority of the board supporting maintaining the current monetary rate.