Archived News for Finance Sector Professionals

Out-of-cycle rate increases are a possibility if Standard & Poors continues with its intended overhaul of its lending system, according to reports.

The international ratings agency has announced its intention to change its rating system, potentially undermining the consistently strong ratings of Australian banks.

Standard & Poors will make a decision on the overhauling of its rating system following a year-long internal review.

Climate report strengthens government call for carbon tax

The Federal Government’s push for the establishment of a carbon tax has been significantly bolstered following the release of a new climate change report.

ASIC researches misconduct in financial services industry

The Australian Securities and Investment Commission (ASIC) has published its findings on the ‘social impact of misconduct in the financial services industry’.

Queensland to sets priority for rebuilding over credit rating

Queensland Premier Anna Bligh has announced her government’s intentions to prioritize the reconstruction of the state ahead of any bid to reclaim its AAA credit rating, according to a report in The Financial Review.

Demand for finance professionals to increase

Finance professionals and other skilled workers will enjoy increasing employment demand over the next five years according to a new report published by the Department of Education, Employment and Workplace Relations.

Latest figures show housing finance trending down

Figures released today by the Australian Bureau of Statistics show that the number of new housing finance commitments fell by 1.5 per cent in March, continuing a downward trend in home lending.

Infrastructure investment initiatives welcomed

The Financial Services Council has welcomed infrastructure initiatives in the 2011 Federal Budget, saying they would make infrastructure a more attractive investment for superannuation funds and fund managers.

ASSOB targets 100 companies to receive equity funding in the 2011-12 financial year

The Australian Small Scale Offerings Board (ASSOB), Australia's capital raising platform for equity raisings for smaller companies, has set a target of list 100 companies to raise up to $100 million in the 2011-12 financial year.

New Commission to oversee Not-for Profits

A new Australian Charities and Not-for-Profits Commission (ACNC) will begin operation from 1 July 2012 with responsibility for determining the legal status of groups wanting charitable, public benevolent institution, and other NFP benefits.

IPA Concerns about lack of funding for regulatory oversight

The Institute of Public Accountants, (formerly National Institute of Accountants), has expressed concern about the lack of funding in the 2011-2012 budget for the increases in regulatory oversight planned by the Australian Government.

Report forecasts strong growth for Financial Services sector

The 2011 Environment Scan conducted by Innovation and Business Skills Australia (IBSA) has predicted strong growth in the Financial Services sector, forecasting that industry revenues will grow at an average rate of 5.3 percent to reach $212.5 billion by June 2015.

Driving the Australian dollar higher

The so-called carry trade is believed to be behind much of the recent spurt in the Australian dollar's value against the Greenback.

Steady half year for major banks

Australia’s major banks - ANZ Bank, CBA, Westpac and NAB - have posted a profit before tax of $15.7 billion for the 2010-2011 half year, up 8 percent from last year’s $14.5 billion, however the results are mostly predictable and reflect a half year of little change, according to KPMG's survey of Major Australian Banks Half Year 2011.

Government approves new securities exchange

The Australian Government has granted a licence to Chi-X Australia Pty Ltd (Chi-X) under s795B(1) of the Corporations Act as an alternative securities exchange to boost competition in Australia's financial markets.

Rural Finance Counselling Services to be continued

Minister for Agriculture, Fisheries and Forestry, Senator Joe Ludwig, has announced that the Rural Financial Counselling Services scheme will be continued across Australia for a further four years.

Extension of Capital Gains Tax Loss Relief for Fund Mergers

The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, has announced the Government will extend the temporary loss relief for merging superannuation funds from 30 June 2011 to 30 September 2011.

Government appoints Greg Medcraft as ASIC Chairman

The Australian Government will recommend to the Governor-General that Greg Medcraft be appointed Chairman of the Australian Securities and Investments Commission (ASIC).

Senate report recommends improvements to encourage banking competition

The Senate Economics References Committee has released the report of its inquiry into competition in Australia’s banking sector, warning that the ‘flight to quality’ that occurred as a result of the GFC has caused concentration of the banking market and increased dominants of the ‘big four’ banks which has the potential for undesirable impacts on competition.

NSW "Black Hole" blows out: Premier

The NSW Premier, Barry O’Farrell, has claimed that the $4.5 billion ‘black hole’ in the State’s finances left by the former Labor Government has blown out by an extra $759 million.

Inquiry highlights need for SME access to finance

An inquiry by the Parliamentary Joint Committee on Corporations and Financial Services on access to finance for small and medium business has found that while SMEs do have access to finance, it is on terms less favourable than prior to the global financial crisis.