Archived News for Finance Sector Professionals

The Federal Government has passed legislation containing key tax measures through Parliament, including the Tax Laws Amendment (2012 Measures No. 1) Bill 2012, Tax Laws Amendment (2012 Measures No. 3) Bill 2012 and Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012.

"These measures will make taxation of employment termination payments fairer by scaling back concessions for certain payments, such as large 'golden handshakes' typically received by senior executives as part of their overall remuneration. The existing concession will be retained for payments related to hardship, namely redundancy payments, compensation for employment-related disputes, and payments for invalidity or death," Assistant Treasurer David Bradbury said.

"They will also ensure that Clean Energy Advances paid to veterans and other recipients of household assistance will not be subject to income tax, and that people on low-incomes with no tax liability will not have to pay the Medicare Levy."

Hewson to step down from Westpac

Westpac banking group has announced that Carolyn Hewson will be stepping down from the Board at the end of the month following an eight-year tenure with the bank.

Investment trust changes considered by government

The Federal Government has announced changes to the proposed tax of managed investment fund, with the alteration being considered in Parliament in the coming days.

Aussies better at saving

Australians are developing ‘healthier savings habits’ in response to increasing global uncertainty according to the fourth Bankwest Taxing Times Report.

Broker expulsion rate doubles

The numbers of mortgage brokers expelled from the Mortgage & Finance Association of Australia (MFAA), rising from four to eight during the 2011/12 financial year.

Commonwealth Bank tracks consumer confidence lift

The Commonwealth Bank has tracked an ongoing lift in consumer spending, sparking hope for a return to retail growth. The bank tracked a 1.9 per cent increase in spending in May, the third increase in sales in the past four months.

Credit reforms give providers the jitters

Some of the country’s major credit card providers have been ratcheting up efforts to offset the impact of the federal Government’s credit reforms, which come into effect at the start of July, according to financial comparison specialist RateCity.

Government passes amendment to executive pay legislation

The Federal Government has passed an amendment to the Corporations Amendment Act 2011 that will clarify how the chair of an annual general meeting may direct proxy votes.

Doubt cast over Queensland recovery

The Queensland Commission of Audit has published its Interim Report into the state of Queensland's finances, finding that the state's return to surplus within two years is increasingly unlikey.

A cashless society could be close

The Bank of New Zealand (BNZ) has wrapped up the successful trial of its near field communications (NFC) trial that saw dozens of customers trial technology that enabled them to make payments using their mobile phone.

ANZ passes cut on

ANZ has announced it will lower its interest rate for variable rate mortgages and small businesses by 0.25 per cent P/A following its monthly interest rate view. The cut sees last Tuesday’s cut to the official cash rate passed on in full.

Australia's Moody's rating safe as houses

International credit rating Moody’s has announced the outlook for Australia’s Aaa foreign and local currency rating ‘remains stable’.

Eureka deal inches closer

Aurora Oil & Gas’s takeover bid of Eureka Energy is inching closer to reality after estimates show that Aurora already owns some 33 per cent of the company.

Former AWB CFO admits to wrongdoing

Paul Ingleby, the former Chief Financial Officer of the Australian Wheat Board (AWB), has admitted to breaching his duties as on officer surrounding the Oil-for-Food Programme.

RBA cracks down on excessive surcharges

The Reserve Bank has announced plans to crack down in excessive surge costs on credit and some debit cards in a bid to ensure merchants don’t seek to bolster their profits through chargeing excessive amounts on card transactions.

Consumer confidence flat

The Westpac Melbourne Institute Index of Consumer Sentiment has found that the country’s consumer confidence has increased by 0.3 per cent from 95.3 to 95.6 in June.

Grattan Institute identifies reform 'game changers'

The Grattan Institute has published a report into what it considers key reform areas for stimulating economic growth. The Game-changers: reform priorities for economic growth in Australia report found that governments must reform the tax mix and move to increase participation rates of women and the older generation.