This Month
- Analysis
- Earnings season
Can the banks fight their way out of the commodity trap?
It’s hard to see how the banks can meaningfully increase profit margins unless the trend towards mortgage brokers reverses.
CBA victory shows tide is turning on shareholder claims
The decision is more proof that shareholder claims are no longer a lay-down misere, lawyers say.
Business loan demand spikes, keeping inflation fears alive
CBA, the country’s largest lender, says a strong labour market is driving “robust” demand from companies, which could push up prices, economists warn.
- Updated
- Earnings season
CBA profit falls to $2.4b but ‘momentum’ improves
Lower margins reduced profits at the country’s largest bank over the last three months, as higher interest rates saw late loan repayments rise.
Westpac says it was stung by decade-long ‘Ponzi scheme’
The major lender is suing a fruit stall at Sydney’s Flemington Markets, alleging it conspired to falsify revenues and invoices to defraud it of $15 million.
- Updated
Westpac’s business boss eyes fast-charging financing demand
Anthony Miller says “business credit growth will be as good, if not better than in the first half” after three banks talked up their business lending pipelines.
- Updated
- Earnings season
ANZ says it can reward shareholders and grow lending
The bank said profits were down in its retail business with conditions “more competitive than ever”, but lending to large companies was stronger.
- Updated
Westpac deflects downturn with special dividend
The Westpac boss says the return of $1.5 billion to shareholders is a sign of confidence in the Australian economy and the outlook for bad debts.
- Updated
- Updated
- Aviation
Qantas pays $120m to settle ghost flights case
Customers on cancelled flights will receive up to $450 in compensation after the airline admitted it misled travellers and agreed to pay $120 million to settle.
- Updated
PwC survives Macquarie audit review
PwC has audited the Millionaires’ Factory since 1993, and it is one of its most lucrative ASX contracts.
- Updated
- Earnings season
Macquarie takes hit on green energy
The investment bank’s chairman Glenn Stevens has warned that fossil fuels, especially gas, will be required “for quite some time to come”.
- Updated
Macquarie goes after big four’s business lending lunch
The investment bank’s share of small business lending is only 1.7 per cent, but its $15.8 billion book grew by 22 per cent for the year and Macquarie wants more.
- Updated
Once Macquarie’s $58m man, Nick O’Kane’s pay fell to $1m
Once the financial conglomerate’s highest-paid executive, Mr O’Kane resigned in March so was not eligible for the lucrative profit share bonuses.
OECD warns sticky inflation means rates higher for longer
The warning came as CEOs deliver upbeat assessment of the economy and financial markets push out expectations for rate cuts to May or June 2025, potentially after the next federal election.
- Updated
- Earnings season
NAB clings to business banking prize as mortgage brokers bite
National Australia Bank’s first-half profit tumble underlined the toll intense mortgage competition is still claiming on margins.
- Updated
- Exclusive
- Payments
Airwallex’s local outpost reverses to loss
The local outpost of one of Australia’s largest technology start-ups tripped to a deep loss after a big increase in costs.
- Updated
April
- Exclusive
- Big four
Westpac’s Yetton targets ‘right returns’ over mortgage wars
The consumer bank chief also also promises to extend a moratorium on regional branch closures until 2027.
ASIC chairman ‘very disturbed’ about CBA’s bonus move
Joe Longo said he had raised concerns about CBA’s breach of bonus caps directly with the bank’s chairman Paul O’Malley and urged the bank to reconsider.
Banks stare down spectre of bad debts, eye $4.5b return
Analysts say banks may declare higher dividends and share buybacks over the next fortnight’s earnings season as margin pressures ease.
- Exclusive
- Rural property
Huge mango farming operation in NT for sale by receivers
Receivers are hoping to recoup almost $10m owed to NAB through the sale of the Cheeky Farms aggregation of mango plantations.
