Australian Household Financial Conditions Deteriorate

Post by NeilMc on March 19, 2010 · Under Australian Economy, Business News · Comment 

A new report suggests that whilst the Australian economy continues to recover, and will most likely grow further during 2010, Australian household finances are deteriorating to the point that Australia may experience a W shaped economic recovery.

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Fund Managers Bullish On Equities According To HSBC

A new survey by global banking giant HSBC suggests that fund managers are more bullish on equities today, than they were three months ago, and are maintaining their holdings of Australian equities steady.

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RBA Says Further Interest Rate Hikes Likely

Post by NeilMc on March 18, 2010 · Under Australian Economy, Business News, banking, interest rates · Comment 

Guy Debelle, an assistant governor with the Reserve Bank of Australia has warned that it was extremely likely that interest rates would rise further, but said that central bank was acutely aware that higher levels of household debt, means that tightening monetary policy had a far greater impact than it did in the past.

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Bankwest Enters RMBS Market For First Time Since Being Acquired By CBA

Post by NeilMc on March 18, 2010 · Under Business News, Capital Markets, Company News, banking · Comment 

Bankwest has waded into the residential mortgage backed securities market for the first time since it was acquired by Commonwealth Bank for $2 billion. The lender launched a $620 million deal with three different classes of securities.

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Superannuation Funds To Eventually Become Australia’s Largest Institutional Investor

Post by Sharat on March 18, 2010 · Under Australian Economy, Business News, Wealth Management, investments · Comment 

Australia’s superannuation industry, estimated to manage $1.2 trillion in assets, will eventually have to assume a leadership position as the country’s largest institutional investor as it increases in size by more than four fold over the next two decades.

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RBA Says Bad Debt Cycle Has Peaked

Post by Sharat on March 17, 2010 · Under Australian Economy, Business News, banking · Comment 

The Australian central bank, the Reserve Bank of Australia (RBA) says that bad debt charges faced by Australia’s major lenders appear to have peaked, and in doing so will help them maintain their position amongst the most profitable banks in the world.

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Citibank Has Ambitious Plans For Australian Credit Card Market

Post by NeilMc on March 17, 2010 · Under Business News, Company News, banking, credit cards · Comment 

Global bank giant Citibank has ambitions to end the near total dominance of Australia’s Big Four banking groups on the consumer credit card market.

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Australian Tax Office To Crack Down On Tax Evaders

Post by Sharat on March 17, 2010 · Under Business News, International Business News, banking · Comment 

The Australian Tax Office (ATO) is cracking down on thousands of wealthy individuals and has asked banks to warn customers using offshore tax haven accounts that they may face huge penalties for doing so.

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Treasury Secretary Says Australian Financial Services Highly Competitive

Post by Sharat on March 16, 2010 · Under Australian Economy, Business News, banking, home loans, interest rates, mortgages · Comment 

The Federal Treasury believes that the financial services industry in Australia remains highly competitive, despite the capturing of a large proportion of market share by major lenders in the aftermath of the financial crisis.

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Super Fund Reform Two Decades Too Late Says Industry

Post by NeilMc on March 16, 2010 · Under Business News, Super Funds, Wealth Management, investments · Comment 

Kevin Rudd’s government says it full intends to follow through with controversial new regulations for the superannuation industry despite vehement opposition from the sector.

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