May
‘Paying a pittance’: Australia Post wants banks to boost funding
Ahead of a Senate estimates hearing on Thursday night, Paul Graham says its banking service is heading towards a loss and contracts need to be redrawn.
Big business braced for AI wave – and plenty of uncertainty
Executives are certain artificial intelligence will transform every part of the economy. They just want to “separate the hype … and the pragmatism”.
After Comyn’s AI trip, the CBA boss can compute impact on banking
Comyn now knows AI will reshape the global technology industry, business landscape and geopolitics in profound ways yet to play out.
NAB plots major AI strategy to roll out in three key areas
National Australia Bank said generative AI is identifying systemic risks from customer complaints and helping bankers assess documents used to support lending.
Why Bendigo Bank shares are up sharply this month
Bendigo’s senior management briefed analysts and investors on a new four-year strategy, which includes a new lending platform and push into business lending.
APRA warms to AI, tells banks they can adopt it
A senior APRA member has told an industry event that banks with proper governance systems and technology in place should feel confident proceeding with advanced AI.
Four listed fintechs say they’ll be smashed by credit report rules
Plenti, MoneyMe, Harmoney and Wisr allege major banks are conspiring against them by restricting access to crucial credit file data they use to price loans.
Zip’s Larry Diamond returning to Sydney, says US mission accomplished
Diamond says he heeded warnings from James Gorman, setting Zip onto a profitable path in the US, where he expects BNPL to keep winning share off credit cards.
Why former APRA exec Geoff Summerhayes is targeting reverse mortgages
The product, shunned by major banks, lets retirees release equity from their homes to top up retirement income. Heartland wants to grow its $1.7b book.
Lenders creating ‘unnecessary barriers’ for struggling customers: ASIC
With living costs high, ASIC chairman Joe Longo has issued a stern report on bank hardship policies. ABA chief Anna Bligh says processes are being improved.
Traders finger ‘pre-hedging’ in ANZ bond probe
Fixed income traders say pre-hedging is “a grey area” riddled with inherent conflicts of interest. ASIC has already targeted Westpac over the practice in swap markets.
ANZ confirms investigation of its government bond sale
ANZ said is “co-operating fully” with ASIC as it investigates “suspected contraventions” of the Corporations Act relating to a government bond sale last year.
ANZ wants to revisit Bank@Post deal amid scrutiny of branch closures
It is the only major bank not to allow customers to access services through Australia Post. Rural branch closures will be a focus of a Senate report this week.
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 CEO wants super on a level playing field
The bank boss said comments by Apollo Capital Management should force an urgent rethink on regulatory rules for super funds.
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- 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.
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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.
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Former APRA chairman Wayne Byres joins ASX board
His appointment comes as the exchange faces a range of governance questions after its failure to replace ageing clearing and settlements infrastructure.
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- 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”.
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