RBA To Ban Excessive Credit Card Surcharge
The Reserve Bank of Australia is developing new regulations which will ban companies from imposing excessive charges on their customer’s credit cards.
Satisfaction With Big Four Lenders Falls Marginally In February
The results of a new survey conducted by DBM consultants suggests that borrowing plans of SME’s have fallen in direct response to the growing differential between official interest rate, and what is being charged by the major banks.
Choice Urges Mortgage Borrowers To Switch From Big Four Lenders
Choice the consumer, group claims that mortgage borrowers could save as much as $70,000 on their home loan, simply by switching from a major lender.
The consumer watchdog recently released its findings as part of its Move Your Money Campaign, which it argues suggest that there are huge savings on interest charges and fees to be had.
Banks Struggle To Gain Public Trust Over Rate Hikes
Against a rising tide of public anger towards excessive bank profits and pay of executives, bankers are set to address a grilling by the senate over their decision to hike mortgage interest rates, despite the fact that the Australian central bank held rates steady
Whilst welcoming the fresh senate inquiry, the Australian Bankers’ Association expressed fatigue. Steve Munchenberg, chief executive of the ABA said he would support the inquiry and intends to provide evidence if he is asked for a submission.
Macquarie Credit Rating Downgraded By Fitch
Fitch, the global credit ratings agency has downgraded Macquarie Group’s banking arm from A to A-, citing the lenders reliance on wholesale funding markets, and the market orientated nature of its businesses.
ANZ Plans To Double Presence In China Over Next Decade
Australian banking major ANZ says it will bolster its presence in Asia, and intends to double its branch network in China over the next decade according to the lenders Asian chief executive Gilles Plante.
ANZ is the first Australian financial institution to receive permission from Chinese regulators to use the RMB in its retail operations.
The lender is seeking to expand its franchise in Asia against a backdrop of a slowdown in its core domestic market.
CBA And NAB Experience System Outages
Australian banking major CBA experienced a major malfunction of its Eftpos and ATM network, which the lender says was resolved by this morning. Despite that claim, retailers were still asking customers to sign for purchases this afternoon, with transactions still failing to reflect in online statements. Rival NAB also experienced problems with one of its IT platforms.
ANZ Chief Calls For An End To The Politics Of Banking
Mike Smith, chief executive of Australian banking major ANZ says the Australian economy is not being helped by politics and called for an end to criticism of the banking industry and a focus instead on helping the economy achieve long term growth.
Mr. Smith made his comments following months of intense criticism for politicians regarding rising mortgage interest rates in response to higher costs of funding.
Mr. Smith also expressed dissatisfaction with proposed new banking regulations that will be implemented worldwide, arguing that such stringent requirements come at the worst time for the global economy.
NAB Survey Says Moderate Improvements In Business Conditions
According to the results of a new survey, the twin cuts in interest rates by the Australian central bank has resulted in improved business sentiment.
The results of the National Australia Bank Business Survey suggest that business conditions improved in February, posting again of two index points following the previous two point gain which occurred in January.Confidence expressed by business rose by one point, and now stands at positive four points.
Suncorp May Send As Many As 2000 Jobs Overseas
The government of Queensland is calling for Suncorp to support local jobs as speculation mounts that the banking and insurance company is looking to send as many as 2000 jobs overseas.
Suncorp has already shipped 150 positions abroad, and is considering expanding its partnership with international vendors. The company says it is still undecided on the move.